Setai Fifth Avenue New Owner for Hotel Part
The luxury condo/hotel at 400 Fifth Avenue has a new owner. Langham Hospitality Group, a subsidiary of Great Eagle Group, has purchased the hotel portion, consisting of 214 rooms, for $229 million.
The deal is effective as of January 2013 and will be renamed Langham Place. Bizzi & Partners Development keeps the ownership of the condo part, which occupies floors 31-60. Davide Bizzi, Chairman of Bizzi & Partners Development, said that the new partnership would, “…enhance and expand our homeowner proposition”.
The Setai on Fifth Avenue located at 400 Fifth Avenue is a mixed-use building with hotel rooms occupying all floors up to the 30th floor and the condos are on the upper floors from 31 to 60.
Last year Bizzi & Partners Development announced Prudential Douglas Elliman as the new broker, as sales with the previous broker didn’t meet their expectations.