Topic: New York

Langham Hotels owner buys New York's Setai for $229 million

One of New York's newest luxury hotels now has a new owner—and, soon, a new name. Great Eagle Holdings Ltd., which owns Langham Hotels, has agreed to buy The Setai Fifth Avenue, near the Empire State Building, for $229 million as it continues its expansion overseas. The sellers of the hotel are subsidiaries of Bi & Di Real Estate SpA, a real estate development and trading company operating in Italy, Brazil, Mexico and Estonia.