Manga Hotel Group Makes Second NYC Purchase
Canadian real estate operator Manga Hotel Group is doubling up on New York City’s market.
Manga purchased the Chelsean New York Hotel at 158-162 West 25th Street from Jeffrey Lam’s firm, Lam Generation, for $50 million, according to public records. The deal for the 158-key hotel works out to more than $316,000 per key.
The transaction was the second between the firms in a little more than a year, after Manga picked up Lam Generation’s SoHo hotel in February 2025.
The brokers on the deal for the 21-story hotel were not disclosed. Neither the buyer nor the seller immediately responded to requests for comment from the publication.
The Chelsean dates back to 2001, when Eric Brown developed the property, two years after acquiring the site for a mere $1.6 million.
There is a possibility that Manga pivots the property to another use, as the company has experience in the residential sector. It hasn’t made that change at SoHo 54 Hotel at 54 Watts Street, which it bought for $56 million in February 2025, marking the firm’s New York City debut.
Elsewhere in Chelsea’s hospitality market, investor Raymond Chau acquired the 169-key property at 121 West 28th Street last May for $49.9 million, or $295,000 per room. The seller of the Hilton Garden Inn was international real estate developer Han’s Holding Company, which sold the property through the entity Han’s 28 Hospitality; Han’s Holding purchased the property nine years ago for $53.8 million.
Hotel sales rebounded in the first half of the year with transaction volume rising 28 percent year-over-year. Investors are increasingly acquiring properties that require capital improvements, driven by owners who prefer to sell rather than fund necessary upgrades amidst debt and liquidity pressures.
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