Leyad, a real estate investment firm based in Canada, acquires Ink48 Hotel in the Hell's Kitchen neighborhood of New York City. Other terms and conditions were not disclosed. This marks Leyad's first purchase in the New York City market and its second hotel acquisition to date. The transaction was completed in a 50/50 joint venture with New York City-based private equity firm Capstone Equities.
"The acquisition of Ink48 Hotel represents a significant step forward in Leyad's vision to expand our presence in prime urban markets," Leyad CEO Henry Zavriyev said in a statement. "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."
Ink48 Hotel has 226 rooms. The closing price represents a value of $275,000 per room key, which would make it one of the lowest closings per key of a renovated hotel in Manhattan in years.
"Leyad hopes to capitalize on current market upswings in the NYC's hospitality sector, as well as a growing tourism industry and is actively pursuing other distressed hospitality opportunities," Zavriyev said.