Canadian actual property operator Manga Hotel Group is doubling up on New York Metropolis’s market.
Manga bought the Chelsean New York Lodge at 158-162 West twenty fifth Avenue from Jeffrey Lam’s agency, Lam Technology, for $50 million, in response to public records. The deal for the 158-key resort works out to greater than $316,000 per key.
The transaction was the second between the corporations in somewhat greater than a yr, after Manga picked up Lam Technology’s SoHo resort in February 2025.
The brokers on the deal for the 21-story resort weren’t disclosed. Neither the customer nor the vendor instantly responded to requests for remark from the publication.
The Chelsean dates again to 2001, when Eric Brown developed the property, two years after buying the positioning for a mere $1.6 million.
There’s a chance that Manga pivots the property to a different use, as the corporate has expertise within the residential sector. It hasn’t made that change at SoHo 54 Lodge at 54 Watts Avenue, which it purchased for $56 million in February 2025, marking the agency’s New York Metropolis debut.
Elsewhere in Chelsea’s hospitality market, investor Raymond Chau acquired the 169-key property at 121 West twenty eighth Avenue final Might for $49.9 million, or $295,000 per room. The vendor of the Hilton Backyard Inn was worldwide actual property developer Han’s Holding Firm, which bought the property by the entity Han’s 28 Hospitality; Han’s Holding bought the property 9 years in the past for $53.8 million.
Lodge gross sales rebounded within the first half of the yr with transaction quantity rising 28 % year-over-year. Traders are more and more buying properties that require capital enhancements, pushed by homeowners preferring to promote relatively than fund crucial upgrades amidst debt and liquidity pressures.
Learn extra
NYC’s top deals: Manga Hotels closes on acquisition of Chelsea hotel for $50M
Han’s Holding Group offloads Chelsea hotel for $50M
Hotel sales make leap in first half of the year
