NEW YORK, Dec. 12, 2024 /PRNewswire/ – Leyad, a real estate investment firm based in Canada, is pleased to announce its acquisition of the Ink48 Hotel in the Hell’s Kitchen neighborhood of New York City. This marks Leyad’s first purchase in the New York City market and its second hotel acquisition to date. The transaction was completed in a 50/50 joint venture with NYC based private equity firm Capstone Equities.
Ink48 Hotel (CNW Group/Leyad)
Henry Zavriyev, CEO of Leyad, shared his enthusiasm for the milestone, stating, “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. We are excited to partner with Capstone Equities, a leader in real estate investment, to bring our combined expertise to this unique property.”
Ink48 Hotel has 226 rooms and is located in one of Manhattan’s most dynamic neighborhoods. The closing price represents a value of $275,000 / room key, which would make it one of the lowest closings per key of a renovated hotel in Manhattan in years. Henry Zavriyev stated that “Leyad hopes to capitalize on current market upswings in the NYC’s hospitality sector, as well as a growing tourism industry and is actively pursuing other distressed hospitality opportunities.”
About Leyad
Leyad is a leading real estate investment and development firm dedicated to creating vibrant and sustainable communities across Canada. With a diverse portfolio of retail, commercial, and residential properties, Leyad is committed to delivering value to its stakeholders and enhancing the quality of life for the communities it serves.
About Capstone
Capstone Equities was formed to make strategic, value added investments in real estate related opportunities throughout major Commercial Business.
Capstone has acquired more than $2.0 billion of property investments and over $1.0 billion in NPL investments in the last 10 years in over 25 transactions.
About Republic Investment Company
Republic Investment Company is a distinguished real estate firm that has been making its mark in the industry since its establishment in 1983 by the visionary entrepreneur Ben Nehmadi. With an active portfolio comprising of over 50 properties, including multifamily residences, hotels, offices, and land.
For more information
Visit www.leyad.ca
SOURCE Leyad
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