Algonquin Hotel sale is confirmed

NEW YORK CITY The historic 174-key Algonquin Hotel has been sold for the fifth time in 15 years.

Owner HEI Hotels & Resorts has sold the Manhattan icon to Cornerstone Real Estate Advisers for a reported US$82 million, or about US$471,000 per key. Norwalk, Connecticut-based HEI acquired Algonquin in 2005 for US$74 million.

HEI will continue to operate the hotel on behalf of Cornerstone.

The hotel, famous for its past as a favored meeting place of literary giants, today is a member of Marriott International’s Autograph Collection.

“This transaction enabled us to cycle out of the investment, yet continue to maintain our presence in the attractive Manhattan marketplace,” says Steve Mendell, HEI’s president of acquisitions and development.