Episode
AKA Hotels Secures Full Midtown Portfolio | Real Estate News
- Published
- Jul 27, 2026
- Duration seconds
- 121
- Processing state
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- https://sources.thednn.ai/bcbed5a6dc57e756
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Summary
Larry Korman’s AKA Hotels just snatched full control of three Midtown Manhattan extended-stay properties for $220 million, buying out BlackRock and locking in ownership of the buildings on East 56th, West 44th, and West 58th Streets. With 322 keys and a $680K-per-key valuation, this move keeps the properties under the AKA Hotels Residences brand — a smart play to resist pressure from investors eyeing apartment conversions. The Korman family, real estate royalty with five generations in the game, originally assembled this portfolio in 2006-2007 for $255M and just sold their Tribeca Smyth hotel for $41M last summer. Amid rising costs and pandemic scars, the hotel industry’s recent labor deal — delivering big pay bumps to thousands of workers — could finally ease some pressure. This consolidation isn’t just about control — it’s a bold, strategic bet on future growth in a tough, evolving market. Listen in comfort: Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN: [email protected] This is an automated, high-level news summary based on public reporting. Report issues to [email protected]. View sources & latest updates: https://sources.thednn.ai/bcbed5a6dc57e756