Thursday October 11th, 2012 - 12:54AM
NEW YORK–Great Eagle Group, parent of Langham Hospitality, has agreed to acquire the Setai Fifth Ave. Hotel for $229 million.
Great Eagle, which is based in Hong Kong, plans to convert the hotel to its Langham Place brand in January. Capella Hotels & Resorts had been managing the hotel, but will leave at the time of the conversion.
The seller was Bi&Di Real Estate, SpA, an Italian company.
Langham has most of its distribution in Asia, but in the United States is represented by hotels in Boston and Pasadena, CA. A Langham hotel also is under construction in Chicago with an opening expected next year.