Canadian Group Buys Manhattan Hotel for $50M

Canada’s Manga Hotel Group has purchased the Chelsean New York Hotel in Manhattan for $50 million, or more than $316,000 per key for the 158-key property. The seller was Lam Generation, a hospitality real estate developer led by Jeffrey Lam, according to property records cited by Commercial Observer. Located at 158-162 West 25th Street, the hotel was developed in 2001.

The deal follows Manga’s first foray into the Big Apple with its acquisition of Manhattan’s SoHo 54 Hotel at 54 Watts St. in February 2025, also from Lam Generation. Manga’s portfolio includes 35 hotels with 6,600 rooms, along with seven high-rise apartment developments, food and beverage outlets, and airport parking sites. The firm is a trend-setter in Canadian hospitality, having built the first Hampton Inn and the first LEED-certified hotel in the country.