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Hong Kong's Gaw Capital buys NYC hotel for US$323M

Hong Kong-based Gaw Capital Partners purchased the Standard Hotel in New York City for a "bargain price" of US$323.3 million, the New York Post reported, citing records from the city's Department of Finance.

Dune Capital Management and Greenfield Partners sold the asset, the publication said, attributing the discounted price to saturation in the Gotham hotel market, as well as reduced occupancy and revenue per available room.