NEW YORK—Spanish hospitality company Riu Hotel and Resorts has acquired a parcel of land along the west side of 8th Avenue that stretches from 733 to 763 8th Avenue between 46th and 47th Streets for $111.1 million.

Greenberg Traurig L.L.P. represented Glenwood Management Corp., the seller. Greenberg Traurig’s team for Glenwood was led by Steven Shapiro, shareholder, and included the chair of the global real estate practice, Robert J. Ivanhoe.

At the Times Square site, Riu Hotel & Resorts will build its first New York City-based hotel.