Alfa Development has closed on the $28.6 million US deal to purchase NYC’s Hotel Grand Union. Marshall Hotels & Resorts will take over management of the 95-room property.
“This asset is supremely located in the epicenter of the NoMad hotel district, which has become a very hot destination for visitors looking for easy accessibility to the Downtown lifestyle and the best of what Midtown has to offer,”
said Michael Namer, founder and CEO of Alfa Development.The hotel is located in midtown Manhattan, near the Empire State Building. However, starting at $185 US, average rates are far below ADR in New York City. Alfa has not announced whether it will make renovations to inject some life into the property, but it will remain under the Hotel Grand Union title due to valuable recognition
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