King & Grove adds Hotel Lola to portfolio

June 05, 2012 02:00PM

King & Grove has added the Hotel Lola on East 29th Street to its growing portfolio, Hotel Chatter reported without a known price. The hotel is the firm’s flagship property and began operating under the name King & Grove New York.

As The Real Deal previously reported, King & Grove, which is backed by the Chetrit Group, purchased the 64-room Hotel Williamsburg for $33 million. The sale set a record for Brooklyn for the highest sale price on a per-unit basis. Besides the Hotel Williamsburg, King & Grove has also picked up managing duties at the Hotel Chelsea and is planning two hotels for Downtown Los Angeles.

Located at 29 East 29th Street at Madison Avenue, the hotel was owned by Property Markets Group and called Hotel Thirty-Thirty before being renamed Hotel Lola. Now the King & Grove New York, the property will eventually boast a new lobby design, as well as new restaurant and bar lounge concepts. [Hotel Chatter]