Blackstone has agreed to buy the 292-bedroom IHG hotel from DLJ Real Estate Capital Partners and is the latest in a series of big hotel deals for the company, following recent acquisitions in Florida, including the W Fort Lauderdale and Hyatt Regency Clearwater.
Michelle Gelshteyn, managing director at Blackstone: “This transaction reflects our longstanding conviction in New York City and growth in travel. Hotel demand in New York is nearing pre-COVID levels while no new hotel construction permits have been filed in the last three years, creating a compelling backdrop for fundamentals.”
Kimpton Hotel Eventi opened in February 2010, marking the fourth hotel from the brand to open in New York. Construction of the 52-story building took four years to complete and comprises both hotel bedrooms and facilities and housing.
Demand for New York hotel rooms is continuing to boom back to pre-Covid levels. New York’s average daily rate of more than $440 per room also is nearly three times the national average, according to CoStar data.