Leyad, a real estate investment firm based in Canada, has acquired the Ink48 Hotel in Midtown Manhattan’s Hell’s Kitchen neighborhood in a 50/50 joint venture with locally based private equity firm Capstone Equities. The deal marks Leyad’s first purchase in the New York City market and its second hotel acquisition to date.

Located at 653 Eleventh Ave., Ink48 Hotel has 226 keys. The closing price represents a value of $275,000 per key, or approximately $62,150,000, which would make it one of the lowest closings per key of a renovated hotel in Manhattan in years.

Henry Zavriyev, CEO of Leyad, said, “The acquisition of Ink48 Hotel represents a significant step forward in Leyad’s vision to expand our presence in prime urban markets.” He added that his company “hopes to capitalize on current market upswings in the NYC hospitality sector, as well as a growing tourism industry and is actively pursuing other distressed hospitality opportunities.”