Leyad, a real estate investment firm based in Canada, recently announced its acquisition of the Ink48 Hotel in the Hell’s Kitchen neighborhood of New York City. This marks Leyad’s first purchase in the New York City market and its second hotel acquisition to date. The transaction was completed in a 50/50 joint venture with NYC based private equity firm Capstone Equities.
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.”
