MacPherson, BD Hotels team on acquisition
New York’s famed Hotel Chelsea has sold to a group of high-profile hospitality investors for $250 million. The joint venue includes BD Hotels’ Richard Born and Ira Drukier, as well as hotelier and frequent collaborator Sean MacPherson, The Real Deal reports. The group plans to redevelop the property, located at West 23rd Street, into a hotel and condos. Hotel renovations are slated for completion in 2018.
The building’s ownership entity is dubbed SIR Chelsea LLC, an acronym for the partners’ first names. BD Hotels has a stake in the venture and will serve as the property’s developer and hotel’s manager, according to the news source. The company has previously teamed with MacPherson on a number of projects, including the Bowery, Ludlow and Maritime hotels.
Did you enjoy this article? Click here to subscribe to the magazine.