NEW YORK, Dec. 12, 2024 – Leyad, a Canadian real estate investment firm, announces the acquisition of the Ink48 Hotel in New York City’s Hell’s Kitchen. This is Leyad’s first New York City purchase and second hotel acquisition. The deal was a 50/50 joint venture with Capstone Equities, a New York City-based private equity firm.
Leyad CEO Henry Zavriyev expressed excitement, stating that acquiring the Ink48 Hotel significantly advances Leyad’s goal of expanding into key urban markets. He highlighted New York City’s global influence and dynamic business and tourism sectors as ideal for their growing portfolio. He also emphasized their pleasure in partnering with Capstone Equities to leverage their combined expertise.
The Ink48 Hotel, with 226 rooms, is in a vibrant Manhattan neighborhood. The closing price of $275,000 per room is among the lowest per-key closing prices for a renovated Manhattan hotel in recent years. Zavriyev noted that Leyad aims to benefit from the NYC hospitality sector’s upward trends and growing tourism, actively pursuing additional distressed hospitality opportunities.
About Leyad
Leyad is a leading real estate investment and development firm creating vibrant and sustainable communities across Canada. Its diverse portfolio includes retail, commercial, and residential properties. Leyad is committed to delivering value to stakeholders and enhancing community quality of life.
About Capstone
Capstone Equities makes strategic, value-added real estate investments in major commercial business areas.
Over the past 10 years, Capstone has acquired over $2.0 billion in property investments and over $1.0 billion in NPL investments across more than 25 transactions.
About Republic Investment Company
Republic Investment Company, founded in 1983 by Ben Nehmadi, is a prominent real estate firm with a portfolio of over 50 properties, encompassing multifamily residences, hotels, offices, and land.
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SOURCE Leyad