Hotel portion of the Setai Fifth Ave. trades for $229M

Setai Fifth Avenue
Setai Fifth Avenue

Great Eagle Group has made a deal to Purchase The Setai Fifth Avenue hotel from 400 Fifth Realty for $229 million, Bizzi & Partners Development announced. According to a press release put out yesterday, as of January 2013, the 214-room Hotel Will Become The Langham Place; Langham Hospitality Group is a subsidiary of Great Eagle Group.

Langham will manage only the hotel portion of the mixed-use building, while floors 31-60 will remain one- to six-bedroom condos.

Davide Bizzi, Chairman of Bizzi & Partners Development, said,”400 Fifth Avenue represents the ultimate in contemporary luxury and a tradition of sophisticated service, and we are excited to align with a hotel owner-operator that epitomizes this sensibility,”

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He Called Langham Place a “perfect fit for 400 Fifth Avenue” — and said the change would “enhance and expand our homeowner proposition.”

Prudential Douglas Elliman Was Named The New Broker For The Setai Fifth Avenue last year after sales flagged at the 400 Fifth Avenue tower, it was previously reported.

The Setai Group previously filed suit against the developer in 2011 for $51.4 million, alleging the developer failed to pay a monthly fee to the company and wrongly identified Setai’s competitor Capella Hotels & Resorts as a manager of the Setai. The outcome of that legal battle was not immediately clear. [PR Newswire, via Sacramento Bee]Christopher Cameron