As Dorothy Parker spins in her grave, The Algonquin—the legendary hotel on West 44th Street where Parker and friends hosted literary roundtables in the Oak Room (right) back in the day—trades hands for $74 million. But the news is not grave: citing the city's need for hotel rooms, purchasers HEI Hospitality plans to buck the hotel condo conversion trend and continue to operate the property as a hotel, Lois Weiss reports in the Post.
· Algonquin Fetches $74m [NYPost]
· Legendary Algonquin to Sell for $74 Million [NewYorkology]
· The Algonquin: Official Site [algonquinhotel.com]