Alfa Development picked up the Hotel Grand Union in Midtown South for $28.6 million, or just under $320,000 per room, Crain’s reported.
Although Alfa does not plan to change the branding of the 90-room hotel, the company has enlisted Marshall Hotels & Resorts to manage the property. Alfa also plans to upgrade the hotel’s booking software and is considering renovations to the rooms and lobby.
“More travelers and people are coming to the city and will continue to come and a property like this positions us to be able to benefit from that,” Michael Namer, Alfa’s CEO, told Crain’s.
The seller had owned the property, 34 East 32nd Street between Madison Avenue and Park Avenue South, “for years” and did not want to be identified,” Crain’s said.
The hotel – located in an area that is home to an increasing number of media and technology companies – is within blocks of several newer hotel properties, including the NoMad Hotel, the Beatrice and the Ace Hotel. [Crain’s]—Leigh Kamping-Carder