Highgate To Build 37-Story Hilton In NY Theater District

Law360, New York (March 27, 2012, 3:21 PM EDT) -- Hotel manager Highgate Holdings Inc. has begun developing a 282-room Hilton Garden Inn on West 42nd Street in Manhattan with plans to complete construction and sell the hotel to DiamondRock Hospitality Co. for $128 million by early 2014, a person close to the matter said Tuesday.

The Garden Inn will rise next to Highgate's former Knickerbocker, an iconic hotel that is being redeveloped and given a new flag after the company sold a 95 percent stake to FelCor Lodging Trust Inc. for $115 million in February....
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