Friday, December 13, 2024
Leyad, a leading real estate investment firm based in Canada, is excited to announce its strategic acquisition of the Ink48 Hotel in the vibrant Hell’s Kitchen neighborhood of New York City. This milestone marks Leyad’s first foray into the prestigious New York City market and its second hotel acquisition overall.
The deal, which was finalized through a 50/50 joint venture with Capstone Equities, a prominent private equity firm based in New York City, further solidifies Leyad’s commitment to expanding its portfolio in high-demand urban locations.
With this acquisition, Leyad is poised to leverage the Ink48 Hotel’s prime location and unique offerings, contributing to the growth of both the firm and the neighborhood. This partnership with Capstone Equities sets the stage for future investments in the heart of New York City’s dynamic hospitality sector.
Henry Zavriyev, CEO of Leyad, shared his enthusiasm for the milestone, stating, “The acquisition of Ink48 Hotel represents a significant step forward in Leyad’s vision to expand our presence in prime urban markets. New York City, with its unparalleled global influence and dynamic tourism and business environment, is an ideal addition to our growing portfolio. We are excited to partner with Capstone Equities, a leader in real estate investment, to bring our combined expertise to this unique property.”
Ink48 Hotel has 226 rooms and is located in one of Manhattan’s most dynamic neighborhoods. The closing price represents a value of $275,000 / room key, which would make it one of the lowest closings per key of a renovated hotel in Manhattan in years. Henry Zavriyev stated that “Leyad hopes to capitalize on current market upswings in the NYC’s hospitality sector, as well as a growing tourism industry and is actively pursuing other distressed hospitality opportunities.”
