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NEW YORK CITY-A large Chinese investment firm has made a big hotel play on lower Fifth Avenue. Hong Kong-based Great Eagle Holdings Ltd. has acquired the 60-story Setai Fifth Avenue from seller Bizzi & Partners for $229 million, or roughly $1,070 per unit.

Capella Hotels, the hotel franchiser, will represent the property until January 15, 2013. “Our entire team worked diligently to establish The Setai as one of the premier luxury hotels in New York City in a location that was not considered part of the traditional luxury hotel corridor,” says Horst Schulze, chairman and CEO of Capella, in a statement. “Additionally, we were able to create an atmosphere and reputation that led to residential real estate sales for the owners.” 

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