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lackstone is acquiring the Kimpton Hotel Eventi in Chelsea from DLJ Real Estate Capital Partners for $175 million. The 292-room hotel, located at 851 Sixth Avenue, was the first Kimpton property in New York City when it opened in 2010. It features three restaurants, a parking garage, and meeting space.
The sale is part of a larger trend in New York City's hotel market, where demand is recovering to pre-Covid levels and construction permits have been scarce due to an onerous process. This has led to notable sales in the sector, including Host Hotels & Resorts' purchase of 1 Hotel Central Park for $265 million and Gencom's acquisition of the Thompson Central Park Hotel for $308 million.
Blackstone is also facing foreclosure on a $275 million hotel portfolio after allegedly failing to pay off a loan backed by four Club Quarters properties. Despite this, the company remains active in the market, with Kimpton partnering with Extell Development on a 529-key project near Rockefeller Center, which is expected to open this year.
