Great Eagle To Pay $229M For Setai 5th Ave. Hotel

Law360, New York (October 9, 2012, 3:15 PM EDT) -- Global real estate developer Great Eagle Group has agreed to buy the Setai Fifth Avenue hotel at 400 Fifth Ave. from owner Bizzi & Partners Development LLC for $229 million in cash, Bizzi & Partners announced Sunday.

Great Eagle's hotel brand subsidiary, Langham Hospitality Group, will take over the hotel portion of the 60-story building and rename it Langham Place, effective January 2013.

The luxury condominiums on the 28th through 60th floors of the buildings will remain under Bizzi's control, and the company said it hopes...
To view the full article, register now.