Leyad, a real estate investment firm based in Canada, has recently completed the acquisition of 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 in New York City. It is Leyad’s first investment in the NYC market and their second hotel acquisition to date.
The Ink48 Hotel, situated at 653 Eleventh Ave., boasts 226 rooms and was purchased for approximately $62 million or $275,000 per key. This price is considered one of the lowest closings per key for a renovated hotel in Manhattan within 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 into prime urban markets.” He also stated that they are looking forward to taking advantage of current market trends and growth opportunities within NYC’s hospitality sector by actively seeking out other distressed hospitality properties.
Overall,the joint venture between Leyad and Capstone represents an exciting new chapter for both companies as they work together towards achieving success within this highly competitive industry.
