Lam Group Buys Duffield Hotel from V3 for $31 Million


The sale of Hotel 718, the 128-room tower on Duffield Street, hit public records for $31 million recently and Greg Atkins, of V3 Hotels, confirmed it is no longer under V3′s ownership. V3 started building the project in 2009 and were aiming to open in early April of this year, which did not happen. The new owner is The Lam Group, which plans to run the hotel as part of the boutique brand Hotel Indigo. Vice President Joseph Yi says the group bought the hotel in its current condition with “considerable work needed” in the lobby and restaurant space. Although there will be no structural changes and most of the layout and design will be maintained, the new owners will replace signage, redo the room repackaging, and add additional artwork. The soft opening is scheduled for August 1st, but at that time the restaurant will not be open. Just a few days ago the owners of The Marrows, the restaurant planned for Hotel 718, announced they’d be opening up in Manhattan rather than the Downtown Brooklyn space. The LAM Group is actively searching for a new restaurant tenant, preferably an established restauranteur already in the borough.
Downtown Brooklyn’s Newest Hotel Opening in Early April [Brownstoner]
Countdown Begins for Downtown Brooklyn’s Hotel 718 [Brownstoner]
Duffield Build Will be Named ‘Hotel 718′ [Brownstoner]
V3 Chugging Along [Brownstoner] GMAP
V3 Build Passes 75% Mark [Brownstoner]
Development Watch: V3 Foundation Underway [Brownstoner]
Another Hotel for Duffield Street [Brownstoner]
231 Duffield RIP [Brownstoner]
Demolition of 231 Duffield Street Begins [Brownstoner]