Investor Edelstein emerges as frontrunner to buy Hotel Chelsea

NEW YORK CITY David Edelstein, president of Tristar Capital, has reportedly emerged as the frontrunner to purchase the legendary Hotel Chelsea.

New York Post, citing unnamed sources, says the investor plans to turn the property into a swanky condo-hotel. The 225-key property, on the market since last summer, has an asking price of US$100 million.

Tristar developed W South Beach and W London Leicester Square.

Former Chelsea manager Stanley Bard had expressed interest in buying the hotel, but his health has declined and is no longer interested, the Post reports.

André Balazs and Ian Schrager have also flirted with acquiring Chelsea, although Schrager officially bowed out of the bidding process back in December.