Magna Sells NYC Hilton Hotels for $489M, Retains Partial Stake

A fund managed by Magna Hospitality has completed the sale of a portfolio of four Hilton-branded hotels in New York City for $489.8 million.

The sale, brokered by JLL Hotels & Hospitality, involved Magna Hotel Fund VI, a $250 million fund closed in 2018, which was sold to a group of large institutional owners and another Magna fund that will retain partial ownership.

The portfolio includes

• Hilton Garden Inn New York Times Square North (196 rooms), sold for $115.6 million, purchased by Magna in 2021 for $88.5 million.
• Motto by Hilton New York City Chelsea (374 rooms), sold for $222.2 million, opened in December 2021.
• Leasehold interest in DoubleTree by Hilton New York Times Square South (320 rooms), sold for $99.8 million, acquired by Magna in 2021 for $47.4 million.
• Leasehold interest in Fairfield Inn & Suites New York Midtown Manhattan Penn Station (239 rooms), sold for $52.3 million, purchased by Magna in 2020 for $57.4 million.

Magna leveraged opportunities during the pandemic by acquiring distressed hotel properties, such as the foreclosure purchase of the Hilton Garden Inn Times Square North.

More recently, the firm has actively pursued acquisitions and repositioning of hotels in New York City, aiming to generate returns and reallocate capital.

In September 2025, LondonMetric Property acquired five Premier Inn hotels from Whitbread PLC for approximately $60 million. This deal is part of a larger portfolio transaction totaling over $100 million in triple-net lease (NNN) assets, spanning several acquisitions.

Photo by Kenjiro Yagi on Unsplash