NEW YORK
CITY — Montreal-based Leyad and New York City-based Capstone Equities have
acquired the 226-key Ink48 Hotel in the Hell’s Kitchen neighborhood of New York
City in a 50-50 joint venture from an undisclosed seller for approximately
$62.5 million.
This is
Leyad’s second hotel acquisition and first in the New York City market.
The
acquisition, completed in a 50-50 joint venture, represented a value of
$275,000 per room key, which is the lowest per key for a renovated Manhattan
hotel in recent years.
“The
acquisition of Ink48 Hotel represents a significant step forward in Leyad’s
vision to expand our presence in prime urban markets,” said Leyad CEO Henry
Zavriyev. “New York City, with its unparalleled global influence and dynamic
tourism and business environment, is an ideal addition to our growing
portfolio. We are excited to partner with Capstone Equities, a leader in real
estate investment, to bring our combined expertise to this unique property.”
To download
our list of deals from the past week in Excel format, click here.