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Azora Exan Buys Flatiron Hotel for $48M
Private real estate investor Premier Equities sold the 64-room Flatiron Hotel at 1149 Broadway to Azora Exan for $47.9 million, or $1,547 per square foot. The sale follows a year-long market listing and initial hopes of fetching $60 million.
Premier Equities acquired the property in 2019 for $40.3 million after former owner Jagdish Vaswani filed for Chapter 11 in 2018. The renovated hotel leases its second to ninth floors to Sonder, a hotel and short-term rental company. Newmark brokers Adam Spies, Marcella Fasulo, Adam Etra, Jessica Shevins, Michael Collins, and Meaghan Philbin handled the deal.
Sonder, which opened the location during the pandemic, is embroiled in a securities fraud legal battle. The Flatiron Hotel also hosts the Speakeasy Apotheke Mixology Bar on its top floor. Azora Exan, formed from the merger of Spain-based Azora and U.S. firm Exan Capital, finalized the acquisition under the leadership of Javier Landecho.
- ◦Sale/Acquisition
