Spanish Hotel Co. Pays Glenwood $111M For Times Sq. Land

Law360, New York (August 13, 2012, 7:05 PM EDT) -- Spanish hospitality company Riu Hotels & Resorts is one step closer to building a 600-room Times Square hotel after closing on the purchase of five parcels of land along the west side of 8th Avenue from apartment developer Glenwood Management Corp. for $111.1 million, according to property records published Monday.

Riu, which owns more than 100 hotels in 16 countries, announced in June that it planned to build its first U.S. outpost near Times Square, but did not specify a site. The company then purchased the property, covering...
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