Zara Founder Amancio Ortega Buys Midtown Hotel for Nearly $70 Million
The fast-fashion king, and founder of Zara and Massimo Dutti, is entering New York’s Competitive hotel scene.
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
For more real estate content, visit HauteResidence.com.
Latest from Haute Living
Las Vegas Grand Prix 2026: Where Everyone Actually Eats, Stays, and Watches
VRAI’s New Tennis Bar is the Ultimate Custom Diamond Experience
The 20 Most Luxurious Ski Hotels in the World
