Dive Brief:

• New York-based Global Holdings Management Group has acquired the Mondrian Hotel in Manhattan’s NoMad neighborhood, the company announced Wednesday. 
• The boutique hotel on Park Avenue offers 190 rooms, modern design and a rooftop terrace in Midtown East, walking distance from the Empire State Building. 
• Global Holdings’ portfolio includes several other luxury developments in New York City. The company is one of many seeking to acquire or develop hotels in the city as travelers return after a pandemic travel slump. 

Dive Insight:

Global Holdings previously held a senior mortgage loan on the Mondrian Hotel, but its acquisition is now fully complete as part of a prior agreement with New York-based Moin Development, which opened the hotel in 2017 after converting and expanding a former office building on the site. 

“Mondrian Park Avenue is an extraordinary asset, perfectly located in the heart of Manhattan at a time when tourists and local visitors are flooding back into the city,” said Global Holdings CEO Jonathan Ofer. “Moin Development did an incredible job converting this property into one of Park Avenue’s best hotels.”

Global Holdings’ global portfolio spans hotel, residential and commercial assets and comprises more than 120 properties including 1,500 hotel rooms. The company is especially active in New York, where last month it launched leasing for a luxury rental tower at Columbus Circle and acquired a mixed-use apartment building near Gramercy Park. 

New York City expects 61 million tourists in 2023, up from 56 million in 2022, according to City Guide’s annual tourism seminar. City Guide also noted that searches relating to NYC travel were trending up, according to research from travel analytics firm ForwardKeys, which listed the city as the sixth most popular destination in the world, up two spots from 2022. 

New York-based LuxUrban Hotels has also cited rising tourism to the urban destination as a reason for recent deals, with the company’s chairman and CEO, Brian Ferdinand, calling this year a time of “growth and recovery.” LuxUrban recently added two Times Square hotels, as well as a property in the Williamsburg neighborhood of Brooklyn, to its growing NYC portfolio. 

In Manhattan, Nobu Hospitality is revitalizing the Plaza Athénée Hotel, which closed as a result of the pandemic, with a new Nobu Hotel on the site.