From the December issue: In October, one of New York’s savviest boutique hoteliers, BD Hotels, did something that has cost a succession of its well-heeled predecessors dearly. It bought the Hotel Chelsea, the scruffy New York City landmark at 222 West 23rd Street with an illustrious artistic pedigree. BD Hotels, which takes over the property from the partnership group of investor Bill Ackman, Leucadia National Corp.
Chairman Joseph Steinberg And Real Estate Investment Firm Wheelock Street Capital, aims to manage it as an upscale hotel to open in 2018 with over 120 rooms and some condos to follow. “This is [about] restoring a great iconic property,” company co-head Richard Born told The Real Deal. [more]