NEW YORK CITY-Alfa Development has picked up the Hotel Grand Union, a 90-room boutique hotel at 34 E. 32nd St., for $28.6 million. The company paid little less than $320,000 per room for the property. Michael Namer, chief executive of Alfa Development, said that the property will be managed by Marshall Hotels & Resorts.
Alfa has plans to retain the hotel's current brand. The identity of the seller was not disclosed. For the full story, go to Crain's New York Business .
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