Leyad, a Canada-based real estate investment firm, announced the acquisition of the Ink48 Hotel in Manhattan’s vibrant Hell’s Kitchen neighborhood. The transaction, a significant milestone for Leyad, was completed through a 50/50 joint venture with Capstone Equities, a leading private equity real estate firm headquartered in New York City. This purchase marks Leyad’s entry into the New York City market and its second hotel acquisition.
Situated in one of Manhattan’s most dynamic areas, the Ink48 Hotel features 226 elegantly designed rooms. The acquisition cost, at $275,000 per room key, is notably one of the most competitive closing prices for a renovated hotel in New York City in recent years. This strategic move underscores Leyad’s confidence in the city’s hospitality sector and its vision to leverage the current growth in tourism and hospitality markets.
Henry Zavriyev, CEO of Leyad, highlighted the importance of this acquisition as part of the company’s long-term strategy to expand its portfolio in urban centers renowned for their economic vibrancy and cultural significance. He expressed optimism about the partnership with Capstone Equities, emphasizing their shared expertise and commitment to enhancing the value of the Ink48 property.
The partnership with Capstone Equities is expected to bring a wealth of experience to the venture. Capstone’s proven track record in real estate investment, coupled with Leyad’s strategic growth ambitions, aims to reposition the Ink48 Hotel as a standout property in Manhattan’s competitive hospitality market. With New York City experiencing a resurgence in both tourism and business travel, the Ink48 acquisition aligns with Leyad’s broader goals to capitalize on distressed hospitality assets in high-demand markets.
Zavriyev also pointed to the property’s prime location in Hell’s Kitchen, a neighborhood known for its eclectic mix of culture, dining, and nightlife, as a key factor in the decision. The hotel’s positioning offers a unique opportunity to cater to the needs of both business and leisure travelers, reinforcing Leyad’s reputation for identifying and securing high-potential properties.
This acquisition comes at a time when the New York City hospitality market is experiencing a notable upswing. With tourism numbers steadily climbing and international travel resuming at pre-pandemic levels, the Ink48 Hotel is well-poised to thrive in a competitive yet rewarding environment. Zavriyev affirmed Leyad’s commitment to pursuing additional opportunities in the sector, particularly those involving distressed assets with significant growth potential.
The addition of Ink48 to Leyad’s portfolio not only represents a strategic investment but also solidifies the firm’s position as a key player in the urban hospitality market. With a focus on thoughtful expansion and collaborative partnerships, Leyad is set to continue building a portfolio that blends value, opportunity, and excellence.
