PHILADELPHIA Continuing its quest to build an upscale hotel chain, Berwind Property Group based here, has acquired the Barbizon Hotel in New York City, reported the Philadelphia Inquirer.
The 306-room hotel, located at 63rd Street and Lexington Avenue, was purchased from a group that includes North Star Capital Group and Ian Schrager Hotels. The exact price of the transaction was not disclosed, however sources said it was approximately $69 million.
When the deal closes on May 31, the hotel will be renamed the Melrose Hotel at the Barbizon. It will be the third hotel in the chain named and patterned after Berwind s Melrose Hotel in Dallas.
Berwind is pursuing other Melrose acquisitions in San Francisco, Los Angeles and Chicago.
SOURCE: The Philadelphia Inquirer