Chartres Lodging is giving new life to its New York City hotel portfolio.
The San Francisco-based investment group paid $49.5 million to acquire the Muse Hotel at 130 West 46th Street, according to property records reported by the Commercial Observer. The seller was investment firm Barings, who acquired the 200-room hotel it in 2006.
The Theater District hotel was renovated by Kraig Kalashian Architecture & Design in January 2020. Chartre’s plans for the property were not reported, and the firm had not filed any permits with the Department of Buildings as of Oct. 12.
Kimpton Hotels and Restaurants Group managed the hotel between 2006 and September of this year, when the Muse announced it was leaving Kimpton’s umbrella brand, Intercontinental Hotels and Resorts Group.
Chartres owns about a dozen hotels across the country, including a Hilton DoubleTree and the Inn of Chicago along the city’s Magnificent Mile. The Muse is not Chartres’ first New York buy, but appears to be its only current one.
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Chartres purchased the Novotel Times Square in 2012 and later sold it as part of a partnership with Apollo Global Management LLC in 2014 to Millenium + Copthorne.
The firm also previously owned the Radisson Lexington, but sold it to DiamondRock Hospitality in 2011, Bloomberg reported. MCR acquired the Radisson in 2021 for $185 million.
The Chartres buy comes as hotel occupancy is on an upswing in New York. After a rocky recovery in the wake of the pandemic, occupancy rates were at around 83 percent in the second quarter of this year, up from 57 percent in February.
— Cailley LaPara