Japanese Paying $230 Million for Unbuilt N.Y. Hotel

Just three weeks after a Japanese real estate company bought control of fabled Rockefeller Center, another budding New York City landmark, Manhattan’s tallest hotel, has been snapped up by Japanese interests.

Osaka-based Royal Hotel announced today it has agreed to pay $230 million for a towering luxury hotel under construction in mid-town Manhattan. The price includes the land and management rights. The seller is Albemarle 54th Street Associates.

The 54-story hotel, which will have 505 rooms, is scheduled to open next June. All of the rooms will be suites, separated into living rooms and bedrooms, Royal Hotel said.

Most hotel employees will be hired locally, except for a few Japanese managers, the announcement said.