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Irish concern purchases Dover Hotel in midtown.

Irish concern purchases Dover Hotel in Midtown

The Dover Hotel, one of Manhattan's few remaining 1920's apartment hotels, has been sold to The Fitzpatrick Hotel Group, the Dublin-based hoteliers.

Renovations, which will total approximately $24 million, have already begun on the 16-story building which is located on Lexington Avenue between 56th and 57th Streets. According to John Fitzpatrick, who will manage the hotel, it will open this fall as The Fitzpatrick Manhattan Hotel.

The vintage 1926, 50-suite, 42-studio apartment hotel had been on the market -- partially renovated and partially occupied -- over the past eight years. During that time ownership changed and a major renovation, which added a spectacular penthouse unit, was completed. The new furnishings, bought when the hotel was renovated and warehoused for some five years, were included in the selling price.

Mara Spiegel of Helmsley-Spear, Inc. represented the owner, Japonica Partners, as exclusive agent in the $11.5 million sale. Peter Barge of Transact, Inc. represented the buyer.

"Although the Dover had languished on the market for five years, I realized that its prime location and excellent price would be particularly appealing to small, international hotel chains who previously wanted a flagship hotel in New York City, but could never afford the prices," said Spiegel, a specialist in selling problematic properties that are held by banks and financial institutions, said. "The time and price made this hotel available for such an acquisition."

Within three months, 55 prospective buyers from Sweden, Holland, Ireland, Switzerland, England, France, Australia, Russia, Germany and Italy came to inspect the property resulting in 14 offers.

Paddy Fitzpatrick, John Fitzpatrick's father, is head of The Fitzpatrick Hotel Group. The hotelier acquired its first property in 1970 and now owns and operates three hotels in Ireland. The Fitzpatrick Hotel Group, a family owned Irish hotel company, has purchased the Dover Hotel at Lexington Avenue between 56th and 57th Streets in Manhattan.
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Title Annotation:Fitzpatrick Hotel Group, Manhattan
Publication:Real Estate Weekly
Date:Aug 28, 1991
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