Leyad Invests in NYC's Hotel Scene

Canadian real estate company Leyad has entered the New York City market with a splash, acquiring the Ink48 Hotel in Hell's Kitchen for $62.15 million. This marks Leyad's second hotel acquisition and a strategic move to expand its hospitality portfolio in major urban areas.

A Strategic Partnership

The deal, a 50/50 joint venture with Capstone Equities, a New York-based private equity firm, comes at a noteworthy price: $275,000 per room, one of the lowest per-key rates for a renovated Manhattan hotel recently.

This partnership combines Leyad's vision for sustainable community development with Capstone's extensive experience in real estate investment.

"The acquisition of Ink48 Hotel represents a significant step forward in Leyad's vision to expand our presence in prime urban markets. New York City, with its unparalleled global influence and dynamic tourism and business environment, is an ideal addition to our growing portfolio." - Henry Zavriyev, Leyad CEO

Looking Ahead

Leyad plans to capitalize on the current upswing in NYC's hospitality sector and actively seeks more investment opportunities in the city's hospitality industry. Capstone Equities has a proven track record with over 25 transactions totaling over $2 billion in property investments and over $1 billion in non-performing loan investments over the past decade.

This acquisition signals a significant entry for Leyad into the competitive NYC real estate market and highlights the ongoing activity in the city's hospitality sector.