Chetrit, Bistricer sell Hotel Chelsea stake to King & Grove

CEO Ed Scheetz, whose firm owned minority interest, promises smoother restoration

TRD New York /
Aug.August 27, 2013 05:21 PM

The historic Hotel Chelsea has changed hands yet again.

The 222 West 23rd Street property, purchased by developer Joseph Chetrit a mere two years ago and co-owned by Clipper Equity, has now been purchased by luxury hotel company King & Grove.

King & Grove previously had a minority interest in the building, and also owns boutique hotels in Williamsburg and Midtown. Details of the deal were not immediately available to DNAinfo.

Ed Scheetz, King & Grove CEO, quickly made a point to note a changed plan of attack to building renovations, a controversial subject during Chetrit’s years in charge. In March, tenants went so far as to sue the developer for allegedly unauthorized work that knocked out heat and hot water.

“We now own 100 percent of the hotel and we intend to make a number of significant enhancements to the way the property is managed and the manner in which the restoration is conducted,” Scheetz wrote in a memo.

For starters, the hotel lobby will now be the provenance of tenants, according to Scheetz, and contractors will not be able to use it. He also promised improved cleanliness throughout the building.

“This is just a beginning, but I hope it indicates to you that we are fully committed to minimizing the impact of the restoration to the extent possible,” Scheetz wrote. [DNAinfo]Julie Strickland


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