Holland & Knight Represents Developers in $250 Million Purchase of Iconic Chelsea Hotel
NEW YORK (October 31, 2016) – Holland & Knight represented SIR Chelsea LLC in its joint venture with existing owners of the famed Chelsea Hotel in New York City. The group, which plans to redevelop the property as a hotel and condominiums, purchased the hotel for $250 million on Oct. 28.
SIR Chelsea LLC is a group formed by three well-established boutique hotel developers and operators who own the Bowery Hotel, Maritime Hotel, Greenwich Hotel, and others. They received financing from Wells Fargo and expect the project to qualify for Historic Tax Credits as well. The project is expected to be completed by 2018.
Holland & Knight real estate partner James Spitzer led Holland & Knight’s representation of the developer with the assistance of partners Gary Schoenbrun, Tom Brooke and William Machen, and associate Kevin Neveloff.