Great Eagle buys Setai Fifth Avenue for $229 million

Great Eagle Holdings agreed on Sunday to buy the 214-room The Setai Fifth Avenue, located in New York City, for US$229 million from a subsidiary of Bi&Di Real Estate SpA, Varese, Italy.

Great Eagle, Hong Kong, said that effective in January 2013 the hotel will be rebranded as Langham Place and management will be transitioned from Capella Hotels and Resorts to Great Eagle subsidiary Langham Hospitality Group. The 60-floor Manhattan property includes condominium residences on floors 31 through 60.