HEI in talks to sell NYC Algonquin Hotel

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

Owner HEI Hotels & Resorts is reportedly in talks with Cornerstone Real Estate Advisers about selling the Manhattan icon.

Norwalk, Connecticut-based HEI acquired Algonquin in 2005 for US$74 million, or about US$425,000 per key. The hotel, famous for its past as a favored meeting place of literary giants, today is a member of Marriott International’s Autograph Collection.

HEI and Cornerstone have declined to comment on the report.