PPHE Hotel Group and Largo Capital partner to develop art’otel in Manhattan
The popular art’otel Amsterdam
A new joint venture sees the purchase of three Manhattan properties which are to be developed into a 98-room art’otel.
Art’otel will soon be taking up residence in the Big Apple after a deal has gone through for the purchase of three properties in Chelsea by PPHE Hotel Group and Largo, a newly formed partnership which will take on the development.
We find out more about this new venture.
PPHE and Largo join forces in NYC
Hotel group PPHE and real estate investment company Largo Capital have come together to bring art’otel to New York City.
Following the acquisition of numbers 538, 540 and 542 West 29th Street for a cool $42m, it is the intention of this new partnership to develop the properties now under their ownership into a brand spanking new art’otel.
The brand already operates successful properties in Amsterdam, Berlin, Cologne and Budapest, with two more in the works in London, but this latest development will mark its first step into the American market.
The 98-key hotel will also feature 55 residential units and is in West Chelsea, home to the iconic High Line redevelopment and close to famous New York destinations such as the Meatpacking District and Madison Square Garden.
Art’otel comes to New York’s most eminent art district
Chelsea has long been known for its wealth of art galleries and art institutions. PPHE and Largo’s partnership intends to slot into this mix by offering a meeting point of hospitality and art in the form of a NYC Art’otel.
The Amsterdam instalment of this hotel brand boasts an incredible collection of artworks by some of the Netherlands’ most important emerging artists, and no doubt the New York branch will endeavour to do the same.
The area around West Chelsea has undergone significant developments over the past years to bring it from something of an underground artistic haunt to a more mainstream audience.
It also falls into art’otel’s growth strategy to be situated in some of the world’s most desirable cities, so New York is of course at the top of that list in the US.
Boris Ivesha, President & Chief Executive Officer of PPHE Hotel Group, said of the venture, “We are delighted to have acquired an interest in this property which is at the centre of the new Hudson Yards, West Chelsea, Manhattan. We have a proven track record of successful property development and creating value throughout the hospitality real estate supply chain.”
“We relish the opportunity to enter this new market and expand our footprint into the United States. Together with Largo, we will embark on this exciting development project with the aim to own and operate the first art’otel outside of Europe as we look to further expand our presence in major gateway cities,” he added.
Let’s take a look at a few other projects currently underway by Art’otel:
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