Hotel Williamsburg Sale Sets $520K Per-Key Record

Law360, New York (March 15, 2012, 7:15 PM EDT) -- Graves World Hospitality and KSK Construction Group have sold a 64-room hotel in Brooklyn to King & Grove Hotels for a record-setting $520,000 per room, indicating that the borough could be on the edge of a hotel renaissance, real estate attorney Joshua Stein said Thursday.

The deal for the Hotel Williamsburg, which closed March 8 at $33 million, represented the highest price-per-key valuation ever seen in Brooklyn, Graves and KSK said in a Wednesday announcement.

The sale was unique for another reason: Graves and KSK, who...
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