Aman Group explores US$600 million sale of NYC’s most expensive hotel
AMAN Group, led by chief executive officer Vlad Doronin, is exploring strategic options including a sale of Aman New York, the city’s most expensive hotel.
The property, at 57th Street and Fifth Avenue in Manhattan, could fetch around US$600 million in a transaction structured as a sale and manage-back, which would see Aman remain its operator, said a person with knowledge of the matter, who requested anonymity because the talks are private.
Any deal would represent the largest luxury hotel sale in New York City since the onset of the pandemic.
“Aman Group confirms it is working with JLL and UBS on the potential sale of the Crown Building,” an Aman representative said in an emailed statement, declining to comment on the value of a potential deal. “As per Aman’s asset-light operating model and strategic vision for growth, the iconic building is being offered to market subject to a long-term management contract with Aman.”
Representatives for UBS and JLL declined to comment.
The Aman New York, better known as the Crown Building, opened last month and features 83 hotel suites as well as residences. Its luxury spa has an indoor swimming pool surrounded by fire pits. It features 22 private residences, its website shows.
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Founding members paid US$100,000 initiation fees in a pre-opening period, but the sign-up cost has since doubled, not including US$15,000 for annual dues. Its smallest rooms aren’t sold on their own; at Aman New York, the 340-square-foot studios can be booked only as an adjoining option for US$20,000-per-night corner suites.
Doronin acquired Aman in 2014, according to the latter’s website. His real estate development firm OKO Group has worked on the construction of Aman New York and Aman Miami.
Aman Group either wholly or partly owns 16 of its 34 hotels and resorts worldwide.
“This approach maximises funds and releases capital to drive the business forward and secure new exceptional locations for its portfolio,” the Aman representative said in the statement. BLOOMBERG
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