Blackstone to Buy Kimpton Hotel Eventi for $175 Million (1)

Blackstone Inc. agreed to buy the Kimpton Hotel Eventi in New York City as strong travel demand makes Manhattan hotels attractive to property investors.

The alternative asset manager agreed to pay about $175 million to acquire the 292-room property from DLJ Real Estate Capital Partners, according to a Blackstone representative.

Blackstone’s deal comes at a time when New York hotels are enjoying favorable demand trends. Bookings are approaching 2019 levels, and new supply has been limited by zoning changes that restrict the development of more hotels. Those dynamics have appealed to investors recently, with buyers snapping up properties such as ...