The Real Deal New York

Hotel Williamsburg sells for $33M, setting record

March 14, 2012 06:45PM
By David Jones

Exterior of King & Grove Williamsburg (credit: King & Grove)

Graves Hospitality and KSK Construction announced today that they completed the sale of the Hotel Williamsburg to King & Grove Hotels for $33 million.

King & Grove, the Manhattan-based boutique hotel chain backed by the Chetrit Group paid $520,000 per key at the 64-room hotel, which closed March 8. The chain originally took over management at the property Nov. 1, and then entered talks to acquire the property, which now operates under the name King & Grove Williamsburg. 

The sale price sets a new record for Brooklyn for highest sale price on a per unit basis, and is one of a growing number of hotels sales in New York over the past year. Propertyshark.com data shows 38 hotel sales in 2011, totaling $3.2 billion, for an average price of $84 million, the highest in seven years.

King & Grove was founded by former Morgans Hotel executives Ed Scheetz and Ben Pundole, who have expanded rapidly in recent years by taking over the Hotel Chelsea and an earlier deal to take over management of the Tides in South Beach, Fla.

Before opening the Hotel Williamsburg in November, the original developers closed on condominium units at the property, located at 156 North 12th Street in Brooklyn.

Graves Hospitality and King & Grove officials were not immediately available for comment.

  • KaKaw

    overpaid..suckers

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