Manga Corporate Acquires Chelsean New York Hotel from The Lam Group for $50M

Manga Corporate has finalized the acquisition of the Chelsean New York Hotel, located in New York, from LAM Generation (The Lam Group), for 50 M$.

Transaction details: total price, 50 M$ · price per room, 316.456 $ (derived from total price) · price per area, around 894 $/SF (9.625 $/m²) based on ~55.916 SF (~5.195 m²) built · 158 rooms.

Parties: buyer, Manga Corporate · seller, LAM Generation.

Background: The building dates back to 2001, underwent its last renovation in 2010, and is managed by Twelve Hospitality.

Property and workforce: unionized workforce (union).

Market perspective: the transaction represents a significant move in the New York hotel market, where Manga Corporate acquires a 158-room asset previously held by The Lam Group, in one of the key urban locations of the New York submarket.