Morris Moinian’s Fortuna Realty Group has closed a transaction through which it acquired a Wyndham franchised, following a bankruptcy auction for $60 million. Located in the Flatiron District of New York City, the 124 key hotel was built in 2008. The company plans to convert the asset into a high-end boutique offering. The hotel’s neighborhood has emerged as the location of choice for New York’s growing TAMI (technology, advertising, marketing and information technology) sector and is known for its for chef-driven restaurants, nightclubs and high-end condominium developments. This purchase will add to the groups portfolio of lifestyle properties, including Hotel Hugo, Hotel Indigo Chelsea and The Garden City Hotel.
