An extended-stay property in Midtown New York is getting a big investment. The Emmes Group, a New York-based property investor, is set to acquire a roughly 90-percent stake in 234 E. 46th St., an extended-stay hotel, branded as AKA United Nations, and operated by Korman Communities. Emmes is purchasing the interest from BlackRock for an undisclosed sum, reports Crain's New York.
Korman Communities will remain a minority owner of the property and will likely to continue to run its AKA brand extended-stay hotel there.
The building is two blocks from both the United Nations and Grand Central Terminal, well located for both business travelers and U.N.-related visitors to the city.
As Crain's reports, the deal follows others in which investors have snapped up space for long-term hotel accommodations in that area. In late 2012, a partnership between Silverstein Properties, Fisher Brothers and Capstone Equities acquired the Beekman Tower Hotel on First Avenue, just north of the U.N. campus, for nearly $85 million. The group subsequently converted that property into executive housing called the Suites at Silver Tower.