Melia Hotels affiliate pays $203M to Artimus for hotel in Chelsea

An affiliate of Melia Hotels International and Sol Group, the entity Innside Ventures, LLC, paid $203 million to Artimus through the entity 27 Street Equities LLC for the INNSiDE by Meliá New York NOMAD hotel building (H2) at 132-142 West 27th Street in Chelsea, Manhattan. The expected use is cash flowing. A Melia hotel has operated in the building since 2016.
The deal closed on May 27, 2026 and was recorded on June 5, 2026. The property has 147,220 square feet of built space according to a PincusCo analysis of city data. The sale price per built square foot is $1,378 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on July 2, 2013, for $35 million. The signatory for Artimus was Eytan Benyamin. The signatory for Melia Hotels International and Sol Group was Antonio Baez Fornieces. The contract date was April 15, 2026.

The Real Deal reported on this transaction last week.

Innside Ventures LLC is the triple net lessee from a 2016 lease originally signed with New Continent Ventures, an entity controlled by Melia executives.

A 2016 CMBS filing for the Innside New York NoMad hotel identifies Innside Ventures as the “Melia Tenant” and shows that it assumed a long-term lease originally held by New Continent Ventures LLC. The same filing describes the hotel as being operated by an affiliate of Meliá Hotels International.

Fixed Rent Payments under the Net Lease
Year 1(1): $8,000,000
Year 2(1): $8,500,000
Year 3: $10,000,000
Year 4: $10,500,000
Year 5: $10,710,000
Years 6-9: Increases by 2%, compounded
Years 10-15: Increases by 3%, compounded
Renewal Option (Years 16-20): $14,256,741 (minimum)

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer Melia Hotels International had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller Artimus had not purchased any other properties and had not sold any properties over the same time period. The 147,220-square-foot property generated revenue of $21 million or $143 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Chelsea has 147,220 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 120 feet and is 98 feet deep with a total lot size of 11,850 square feet. The city-designated market value for the property in 2022 is $35.8 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has not received any significant violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on March 8, 2016. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Chelsea, The bulk, or 35 percent of the 52.5 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Chelsea has the 9th highest sale turnover among other neighborhoods in the city with $1.5 billion in sales volume in the last two years. For development, Chelsea has 2 times the average amount of major developments relative to other neighborhoods and is the 13th highest in Manhattan. It had 3.3 million square feet of commercial and multi-family construction under development in the last two years, which represents 6 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of 15 of the 23 commercial properties representing 812,615 square feet of the 1,325,984 square feet. The largest owner is Rosen Equities, followed by Two Kings Real Estate and then AFIAA.
There are no active new building construction projects on this tax block.

The majority, or 55 percent of the 1.3 million square feet of built space are office buildings, with elevator buildings next occupying 26 percent of the space.

The seller

The PincusCo database currently indicates that Artimus owned at least 46 commercial properties with 2,518 residential units in New York City with 1,530,978 square feet and a PincusCo-determined asset value of $1.2 billion. The portfolio has $857 million in debt, with top three lenders as Bank Hapoalim, Valley National Bank, and Community Preservation Corporation respectively. Within the portfolio, the bulk, or 60 percent of the 1,530,978 square feet of built space are condo properties, with elevator properties next occupying 20 percent of the space.

Direct link to Acris document. link