Premier Equities sold the hotel at 1141 Broadway to Azora Exan for $47.8 million. The property is leased by Sonder, a troubled global hospitality group that combines elements of apartments and hotels.
Exan plans to hold onto the building after adding it to their $174 million portfolio, expecting current tenants to remain and handle any renovations. Exan owns various residential properties in NYC.
Sonder, the managing entity for the property, operates around 9,000 units globally. The company faced financial turbulence, causing plummeting shares earlier this year.
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