Four Seasons Hotel New York owner H. Ty Warner decided not to sell the luxury Manhattan property after receiving an unsolicited bid of about $900 million.
“Due to the continued strength in the New York real estate market and impending fiscal cliff, he does not feel that this is an advantageous time to sell this iconic property,” Donna Snopek, chief financial officer of Ty Warner Hotels and Resorts LLC, said today in an e-mailed statement. The fiscal cliff refers to federal spending cuts and tax increases scheduled to take effect if Congress doesn’t act by the end of the year.
Warner, the Beanie Babies creator, received the offer from an unidentified Asian buyer, a person close to the situation said three weeks ago. Warner bought the 368-room hotel, located on East 57th Street in Midtown, for $275 million in 1999.
A deal for $900 million would have been one of the priciest in Manhattan. A recent hotel transaction in the area was Strategic Hotels & Resorts Inc.’s (BEE:US) September purchase of the luxury Essex House, on Central Park South, for $362.3 million.
Rates at the Four Seasons for this week start at $995 a night, according to the hotel’s website.
Warner, through his Ty Warner Hotels and Resorts, also owns the San Ysidro Ranch in Santa Barbara, California, and Las Ventanas al Paraiso in Los Cabos, Mexico, according to the company’s website.
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