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Ink48 Hotel in New York City’s Hell’s Kitchen – Image Credit Ink48 Hotel
Canadian real estate investment firm Leyad has acquired the Ink48 Hotel in New York City’s Hell’s Kitchen neighborhood. This marks the company’s first venture into the New York City market and its second hotel acquisition. The purchase was made in a joint venture with New York-based private equity firm Capstone Equities.
Henry Zavriyev, CEO of Leyad, expressed his excitement for the company’s expansion into the New York City market. He highlighted the city’s global influence and vibrant tourism and business environment as key factors in their investment decision. Leyad also seeks to take advantage of the current upswing in New York City’s hospitality sector and the growing tourism industry.
The Ink48 Hotel, which has 226 rooms, was bought for $275,000 per key, making it one of the most economical purchases of a renovated hotel in Manhattan in recent years. Leyad is actively seeking further investment opportunities in distressed hospitality venues.
Capstone Equities is a private equity firm based in New York specializing in real estate investments. Over the past decade, the firm has acquired over $2.0 billion in property investments and over $1.0 billion in non-performing loan investments across over 25 transactions.
