Hawkins Way Capital, a vertically integrated real estate investment company with $3 billion in assets under management, has acquired the former 492-key Holiday Inn by IHG in Manhattan’s Financial District.
“This acquisition reflects Hawkins Way’s focus on investing in out-of-favor assets feeling post COVID-19 effects with strong potential,” Joshua Bird, partner at Hawkins Way Capital, said in a statement. “Located in the heart of Manhattan’s Financial District, the property offers substantial opportunity, and we look forward to strategically repositioning it.”
The property paused traditional hotel operations during the COVID-19 pandemic and most recently served as temporary housing, before being acquired by Hawkins Way Capital for strategic 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 such as a communal kitchen and dining area, laundry rooms, lounges, study spaces and a fitness center.
The property will be managed by FCL Management, an operator of housing and hospitality assets in select markets across the U.S. that manages 6,000 beds across its portfolio.