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Alfa buys NYC’s Grand Union hotel for $28 million

Alfa Development announced on Wednesday that it closed on the US$28.6 million purchase of the 95-room Hotel Grand Union, located in New York City.

Alfa Development, New York City, said it has appointed Marshall Hotels & Resorts to manage the property and plans to keep the hotel’s current name due to its recognition with past customers. This marks Alfa’s first purchase of a hotel. Alfa did not disclose the identity of the previous owner.

“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.

Alfa said it is too early to announce whether renovations are planned for the property or if it will change segments. The hotel’s rates, currently starting at US$185 for a single/double guestroom through December 20, are well below New York City’s ADR.

The hotel is located in midtown Manhattan, two blocks from the Empire State Building.

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