MCR Hotels has signed a 99-year ground lease for Manhattan's Gramercy Park Hotel, a 1920s landmark that closed during the pandemic and was foreclosed on last year.
MCR plans to renovate the 200-room Gramercy Park and reopen it in about two years as a boutique luxury hotel, according to a report in the Wall Street Journal.
The new owner paid $50M for the long-term lease on the hotel at 2 Lexington Avenue. "We intend to return it to its original splendor," MCR CEO Tyler Morse told WSJ.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
