One of the last prime spots for development in Downtown Brooklyn has been snatched up. Magna Hospitality Group, owner of Brooklyn’s Comfort Inn and Holiday Inn Express, this month spent $10.8 million on property at the corner of Tillary Street and Flatbush Extension best known to long-time Brooklynites as the former Pepper & Potter car dealership. Michael Armstrong, a rep for broker Ingram & Hebron, who represented the Potter family in the sale, said the hotel would have roughly 120 rooms over 47,000 square feet. The new hotel, which the Brooklyn Eagle reported will be a Hampton Inn, may (or may not) have some competition: Down the block, Oro Part Deux submitted an application (which was disapproved) last month for a 38-story tower with 376 hotel rooms and 74 apartments. And according to the Downtown Brooklyn Partnership, more than 2,000 rooms are in some stage of development nearby, though many of those rooms are in a different class, renting at boutique prices, than the less-expensive Hampton Inn chain. While business travelers are more willing to pay high room rates, tourists (an increasing population in Brooklyn) tend to look for discounts, and could be even more encouraged to visit if rooms were less expensive. How do you think Magna will fare?
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