Langham Hospitality Group (LHG)’s owners Great Eagle Group have purchased luxury New York property The Setai Fifth Avenue for USD$299 million from Italian owners Bi&Di Real Estate SpA.
The hotel, located at 400 Fifth Avenue in midtown Manhattan, New York, is scheduled to join the Langham portfolio in January 2013.
To be rebranded as a Langham Place hotel, the property will, according to LHG, “epitomise luxury living in the 21st century in Manhattan, New York with its contemporary accommodation, stylish design and stimulating art”.
“The hotel’s modern and elegant design is a perfect fit with the Langham Place brand and provides a great opportunity for the Group to introduce our sense of stimulating hospitality to New York,” LHG said in a statement.
This strategic purchase signals the Group’s plans for long-term expansion in key gateway cities in the United States, as flagged recently on HM by LHG CEO Brett Butcher.
Currently, The Langham hotels are located in Boston and Pasadena Los Angeles, with a Chicago property set to open in the third quarter of 2013.