Blackstone to Buy NYC’s Kimpton Hotel Eventi for $175M

Blackstone (BX) has made a move to acquire the Kimpton Hotel Eventi in Manhattan for a cool $175M, according to Bloomberg.

Behind The Deal

The 292-room property, located on Sixth Avenue between 29th and 30th Streets, will add to Blackstone’s growing portfolio of high-value real estate assets.

This acquisition comes as the NYC hotel market rebounds strongly from the pandemic. With hotel bookings approaching pre-COVID levels and zoning restrictions limiting new hotel development, Manhattan has become an appealing target for real estate investors. 

The Kimpton Hotel Eventi is the latest in a series of hotel deals Blackstone has executed, following recent acquisitions of properties like the W Fort Lauderdale and Hyatt Regency Clearwater.

Hotel Demand Dynamics

Demand for Manhattan hotel rooms is surging as travel recovers, with occupancy and bookings now nearing levels seen in 2019.

Additionally, the city’s limited new hotel supply—exacerbated by zoning changes that restrict hotel development—created an environment of rising room prices, making hotels like the Kimpton Hotel Eventi increasingly valuable to investors.

According to Michelle Gelshteyn, managing director at Blackstone, “This transaction reflects our longstanding conviction in New York City and growth in travel. Hotel demand in New York is nearing pre-COVID levels while no new hotel construction permits have been filed in the last three years, creating a compelling backdrop for fundamentals.”

Property Features

The Kimpton Hotel Eventi is located in a prime area near key NYC landmarks, offering visitors convenient access to iconic sites such as the Empire State Building, Madison Square Park, and Penn Station. The hotel features:

• 292 guest rooms, including a mix of standard and upgraded accommodations
• 3 restaurants, providing guests with a variety of dining options
• 30 KSF of meeting and event space, catering to both corporate and social gatherings
• 450-stall parking garage, a very rare amenity in Manhattan

These features and more make the Kimpton Hotel Eventi an attractive asset for Blackstone, which has a long history of investing in hospitality properties.

Why It Matters

Blackstone’s purchase of the Kimpton Hotel Eventi reveals increasing investor interest in Manhattan’s hotel market. As travel demand surges and new hotel construction remains constrained, properties in prime locations like this one have become highly sought after.

The acquisition also underscores Blackstone’s confidence in recovering Big Apple tourism and hospitality and its ongoing commitment to the city. The firm previously made big investments in Manhattan, including its retail portfolio in SoHo and an extension of its Manhattan HQ lease.