Eurostars Hotel Company, a Spanish hotel chain with over 300 properties managed worldwide, has acquired the Chemists’ Club Hotel at 52 East 41st Street. The seller was Azora, also a Spanish company specialising in large-scale hotel investments. The purchase price for the 107-room hotel in Midtown amounted to approximately US$95 million.
Jeffrey Davis and Scott Ellman of Eastdil Secured brokered the transaction for the seller. Information regarding the buyer's representation was not available. Eastdil declined to comment; spokespeople for Eurostars and Azora did not immediately respond to enquiries. The news was first reported by The Real Deal.
Background and History of the Property
It is unclear when Azora acquired the 14-storey hotel, which is located one block south of Grand Central Terminal. The last recorded change of ownership in the land registry occurred in 2007, when the hotel chain Grupo Hotusa and Losan Hotels purchased the property for US$77 million. Eurostars Hotel Company is a subsidiary of Grupo Hotusa. Thus, the Midtown property returns to its original roots. Eurostars also owns the Eurostars Wall Street Hotel at 129 Front Street in the Financial District.
The building was erected around 1910, but not as a hotel. It originally housed the historic headquarters of the Chemists’ Club, a prominent social and gastronomic meeting place for leading scientists and industry pioneers. The building was later redeveloped by Fortuna Realty Group in 1997 and opened as the Dylan Hotel in 2000. Last year, it underwent extensive remodelling and rebranding before officially reopening as the Chemists’ Club Hotel.
The hotel currently houses the Benjamin Steakhouse on the ground floor and offers amenities such as a lounge bar, co-working spaces and a fitness centre. News of this sale follows a series of other recent hotel transactions in Manhattan. These recent sales underscore the continued attractiveness of the New York hotel market for investors.
Recent Hotel Sales in Manhattan
- —In June, Meliá Hotels International acquired the 12-storey hotel at 132-142 West 27th Street in NoMad for US$203 million.
- —Omni Lifestyle Living also purchased a Marriott Hotel at 21 West 37th Street in Midtown for US$39.9 million in June.
- —In May, Toronto-based investment firm Hennick & Company acquired the 16-storey hotel at 13-15 West 56th Street in Midtown for US$66.2 million.
