Canadian real estate investment and development company Leyad has marked its entry into the New York City (NYC) market with the acquisition of the Ink48 Hotel.

Situated in the Hell's Kitchen neighbourhood, this purchase signifies Leyad's second hotel acquisition and a move to bolster its presence in urban markets, grow its hospitality portfolio and pursue additional investment prospects within the industry.

The acquisition, completed in a 50/50 joint venture with New York-based private equity company Capstone Equities, was sealed at a value of $275,000 per room key or $62.15m.

This pricing is notable as one of the lowest per key for a renovated Manhattan hotel in recent years.

The partnership with Capstone Equities is set to leverage the combined expertise of both companies in the property.

Leyad CEO Henry Zavriyev said: "The acquisition of Ink48 Hotel represents a significant step forward in Leyad's vision to expand our presence in prime urban markets.

“New York City, with its unparalleled global influence and dynamic tourism and business environment, is an ideal addition to our growing portfolio. We are excited to partner with Capstone Equities, a leader in real estate investment, to bring our combined expertise to this unique property."

Dedicated to creating sustainable communities, Leyad boasts a diverse portfolio that includes retail, commercial, and residential properties across Canada.

Zavriyev added: "Leyad hopes to capitalise on current market upswings in NYC's hospitality sector, as well as a growing tourism industry and is actively pursuing other distressed hospitality opportunities."

Capstone Equities focuses on strategic, value-added investments in real estate across major commercial business districts.

Over the past decade, Capstone has completed more than 25 transactions, acquiring property investments valued at over $2bn and non-performing loan (NPL) investments totalling more than $1bn.