King & Grove Takes Over At Hotel Chelsea

Law360, New York (August 28, 2013, 2:48 PM EDT) -- Two years after purchasing the Hotel Chelsea for $80 million, the Chetrit Group has handed its stake in the property to partner King & Grove as part of a larger deal, a letter sent to hotel tenants revealed Tuesday.

King & Grove had managed the property, at 222 W. 23rd St., in conjunction with Chetrit and David Bistricer's Clipper Equity LLC since the group purchased the iconic hotel in 2011. But with Tuesday's letter, Chetrit and Bistricer relinquished control of the property to King & Grove, which...
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