Hawkins Way Capital, a vertically integrated real estate investment company with $3 billion in assets under management, acquired the former 492-key Holiday Inn by IHG, located in Manhattan’s Financial District. The property paused traditional hotel operations during the COVID-19 pandemic and most recently served as temporary housing, before being acquired by Hawkins Way for redevelopment.
The firm plans to reposition the asset through targeted renovations, including cosmetic upgrades to all guestrooms and corridors. Designed to accommodate approximately 650 beds, the reimagined property will also see the conversion of former hotel amenity areas into functional shared spaces.
“This acquisition reflects Hawkins Way’s focus on investing in out-of-favor assets feeling post-COVID-19 effects with strong potential,” said Hawkins Way partner Joshua Bird. “Located in the heart of Manhattan’s Financial District, the property offers substantial opportunity, and we look forward to strategically repositioning it.”
The property will be managed by FCL Management, a leading operator of housing and hospitality assets.
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