A real estate investment firm, Leyad, based in Canada has recently acquired the Ink48 Hotel located in Midtown Manhattan’s Hell’s Kitchen neighborhood. This purchase was made through a 50/50 joint venture with Capstone Equities, a private equity firm based locally. It is Leyad’s first acquisition in the New York City market and their second hotel purchase to date.
The Ink48 Hotel is situated at 653 Eleventh Ave and boasts 226 keys. The closing price of this deal equates to $275,000 per key or approximately $62,150,000. This makes it one of the lowest closings per key for a renovated hotel in Manhattan over recent years.
According to Henry Zavriyev, CEO of Leyad,”The acquisition of Ink48 Hotel marks an important milestone for our company as we continue to expand our presence within prime urban markets.” He also stated that they are looking forward to taking advantage of current market trends within NYC’s hospitality sector and its growing tourism industry by actively seeking out other distressed hospitality opportunities.
