Billionaire entrepreneur Amancio Ortega is using his fast-fashion fortune to break into New York’s competitive hotel scene. The Zara and Massimo Dutti founder recently purchased a 205-key hotel at 70 Park Avenue for $67.6 million.
The Murray Hill hotel was built in 1928 and was previous owned by hotel investment firm KHP Capital Partners. The 16-story, 83,000-square-foot building was sold to KHP for $88.5 million in 2016. Spanish hotel company Grupo Iberostar will now manage the hotel.
Ortega is the second riches man in the world and has purchased a number of U.S. properties over the past few months through his real estate investment company Ponte Gadea. Recently, the billionaire purchased a SoHo office building at 490 Broadway for $145 million and an entire block of real estate on Miami Beach for $370 million.
Image courtesy of Iberostar