Hotel owner-operator MCR has purchased the historic Gramercy Park Hotel in New York City, which has been closed since 2020.
According to CoStar data, the 197-room hotel sold for $50 million, equating to $263,158 per room. The seller is listed as Solil Management.
Ian Schrager, chairman and CEO of Ian Schrager Company, sold his interest in the hotel in 2010.
Morse Development, which developed the TWA Hotel at New York City's JFK Airport, will complete an extensive renovation of the 99-year-old hotel, including Gramercy Park Hotel's 7,000-square-foot rooftop bar, the lobby, first-floor restaurants and bars and all 197 rooms and suites, according to a news release announcing the deal.
The hotel has had a long list of notable visitors, including being where Pulitzer Prize-winning novelist Edith Wharton was born. Babe Ruth, John F. Kennedy Jr., the Rolling Stones, Bob Dylan, Madonna and David Bowie are other famous figures that frequented the hotel.
“We will return this beloved hotel to its original splendor as the jewel of Gramercy Park — one of the most magical and unique neighborhoods in Manhattan,” Tyler Morse, chairman and CEO of MCR/Morse Development, said in the release.
Other hotels in MCR's New York City portfolio include The High Line Hotel, the Sheraton New York Times Square, the Royalton New York and The Lexington Hotel.