Boutique fetches $33 million
Hotel Williamsburg, Brooklyn, N.Y.’s first full-service boutique hotel, has been bought by King & Grove Hotels for $33 million. The 64-key project, co-developed by Graves Hospitality and KSK Construction Group, opened last November.
The sale price translates to roughly $520,000 per guest room, the highest per-key valuation ever recorded in Brooklyn, the hotel’s developers say. “We take great pride in being able to find, develop and build projects that create great profit for our investors,” said Benjamin Graves, president of Graves Hospitality.
The hotel will operate as the King & Grove Williamsburg. It also includes a restaurant, outdoor pool, underground parking and rooftop bar.
According to its website, King & Grove is a two-year-old “lifestyle hotel brand defined by modern luxury with eclectic influences.” Its other holdings are the King & Grove Tides South Beach in Miami and Ruschmeyer’s in Montauk, N.Y.
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