Manhattan hotel rebound: Two luxe properties trade after pandemic cooldown
Two luxury Manhattan hotels have been sold in separate transactions, a sign of returning investor confidence in New York’s high-end hospitality market. In one of the city’s priciest hotel trades in recent years, Kam Sang Company has snapped up the Edition Clocktower Hotel at 5 Madison Avenue from the Abu Dhabi Investment Authority for around $250 million, or more than $800,000 per key, according to people familiar with the deal. That makes it one of the highest price-per-key purchases for a New York City hotel in the past two years; MML Hospitality scooped up Nine Orchard in August for $92 […]
This article originally appeared on The Real Deal. Click here to read the full story.
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