Canadian actual property operator Manga Hotel Group is doubling up on New York Metropolis’s market.
Manga bought the Chelsean New York Resort at 158-162 West twenty fifth Road from Jeffrey Lam’s agency, Lam Technology, for $50 million, in accordance with public records. The deal for the 158-key lodge works out to greater than $316,000 per key.
The transaction was the second between the corporations in a bit greater than a yr, after Manga picked up Lam Technology’s SoHo lodge in February 2025.
The brokers on the deal for the 21-story lodge weren’t disclosed. Neither the customer nor the vendor instantly responded to requests for remark from the publication.
The Chelsean dates again to 2001, when Eric Brown developed the property, two years after buying the location for a mere $1.6 million.
There’s a chance that Manga pivots the property to a different use, as the corporate has expertise within the residential sector. It hasn’t made that change at SoHo 54 Resort at 54 Watts Road, which it purchased for $56 million in February 2025, marking the agency’s New York Metropolis debut.
Elsewhere in Chelsea’s hospitality market, investor Raymond Chau acquired the 169-key property at 121 West twenty eighth Road final Might for $49.9 million, or $295,000 per room. The vendor of the Hilton Backyard Inn was worldwide actual property developer Han’s Holding Firm, which offered the property via the entity Han’s 28 Hospitality; Han’s Holding bought the property 9 years in the past for $53.8 million.
Resort gross sales rebounded within the first half of the yr with transaction quantity rising 28 p.c year-over-year. Traders are more and more buying properties that require capital enhancements, pushed by house owners preferring to promote fairly than fund needed upgrades amidst debt and liquidity pressures.
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