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It was supposed to be renovated and converted to a hotel, but there was some sort of squabble between the co-owners and it was left half gutted. It was auctione
by pastor_bob 4y ago
It was supposed to be renovated and converted to a hotel, but there was some sort of squabble between the co-owners and it was left half gutted. It was auctioned off then as a dispute resolution.
- crazygringo 4y agoHotel definitely sounds like the ideal use for it. Getting to stay in an iconic building? And getting to brag about snagging a skinny triangle room? And the location on Madison Square Park is ideal. Definitely hope it winds up that way. I could totally imagine Ace Hotel buying and running it if they didn't already have a location just a few blocks north. There's got to be another boutique urban hotel brand though?
- bri3d 4y agoWhen it comes to this kind of property, hotel brands like Ace are usually operators, not owners. VC is a thing in hospitality real estate too, and this is what a lot of real estate VC funds do. They'll buy a distressed property or location with potential and flip it into a hotel, and then pick an operator. If the property is successful, they'll eventually get an exit when they sell it to a larger, lower-risk cash-flow oriented real estate fund and pocket a profit. As for "boutique" urban hotel brands, I think it's a fad lately, even within the major hospitality groups - the Hilton Curio and Marriott Autograph sub-brands specialize in these kinds of things, and Westin / W used to operate a lot of these kinds of properties too.