Hotel Chelsea tenants reach agreement with King & Grove

Curbed reports that tenants of the Hotel Chelsea have reached an agreement with hotel owner King & Grove over the future of the landmarked building. The deal comes one month after King & Grove CEO Ed Scheetz bought out Joseph Chetrit, the developer and former owner of the landmark building, who had a contentious relationship with the 38-member Chelsea Tenant Association, which included allegations that he was "intentionally neglecting to complete renovations in an attempt to drive the residents from their rent-stabilized homes."

According to The Real Deal, the settlement covers "a 4.7-month rent abatement, a 20-percent reduction in monthly rent until renovations are complete, exemption from rent increases tied to capital improvements and the payment of about $100,000 in legal fees."

While the renovations are being completed, tenants will also be put up at the King & Grove New York on East 29th Street.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The developers expect to finish work on the building in early 2014.

Suggested Articles

The refurbishment focused on guestrooms and hallways along with exterior painting and lighting upgrades.

Le Parc Suite Hotel has completed a renovation and redesign of its 154 suites, lobby, meeting space and corridors.

The final phase of the Canvas Hotel Dallas' design overhaul, led by Studio 11 Design, focused on local culture, community and art.