Leyad expands into New York City market with Ink48 Hotel acquisition
Canadian real estate investment and development company Leyad has marked its entry into the New York City (NYC) market with the acquisition of the Ink48 Hotel.
Situated in the Hell's Kitchen neighbourhood, this purchase signifies Leyad's second hotel acquisition and a move to bolster its presence in urban markets, grow its hospitality portfolio and pursue additional investment prospects within the industry.
The acquisition, completed in a 50/50 joint venture with New York-based private equity company Capstone Equities, was sealed at a value of $275,000 per room key or $62.15m.
This pricing is notable as one of the lowest per key for a renovated Manhattan hotel in recent years.
The partnership with Capstone Equities is set to leverage the combined expertise of both companies in the property.
Leyad CEO Henry Zavriyev said: "The acquisition of Ink48 Hotel represents a significant step forward in Leyad's vision to expand our presence in prime urban markets.