Investment group buys West 45th Street Holiday Inn

Walnut Hill Group, a California-based real estate investment group, has acquired the Holiday Inn Express at 15 West 45th Street for $43.87 million, the first property purchased by the company in New York, according to PropertyShark.com. Magna Hospitality Group was the seller. Magna, a Rhode Island-based hotel investment company, had purchased the Midtown property from the McSam Hotel Group in 2005 for $36.5 million. The property was the city’s first Holiday Inn Express, and represented the first major deal in New York City for Magna, The Real Deal reported. Since then, Magna has acquired dozens of properties in New York City. The Walnut Hill Group is also in contract to buy the Best Western Tuscan Hotel at Fisherman’s Wharf in San Francisco. TRD