Hear ye, hear ye, all disgruntled tenants of the Hotel Chelsea. No longer will real estate scion Joseph Chetrit be the object of your complaints about hazardous construction practices and allegedly illegal art seizures. Luxury hotel group King & Grove, whose properties are a fixture in the trendy New York scene, has bought out Chetrit's stake in the, um, atmospheric former artists'/musicians' enclave/drug den. DNAinfo reports that tenants received a memo today from CEO Ed Scheetz to that effect, promising better treatment of residents and "significant enhancements to the way the property is managed and the manner in which the restoration is conducted." (Yeah, that won't be hard.)
King & Grove had already been tapped to run the hotel after renovations were complete, and they'd held a passive minority interest. But now they're all in, and Chetrit is completely out, just over two years after he bought it for over $80 million from embattled former owner-slash-hotel manager Stanley Bard. How's that for a change-up at the top?
· Hotel Chelsea Sold to Luxury Hotelier [DNAinfo]
· All Hotel Chelsea coverage [Curbed]