Episode Details

Larry Korman’s AKA Hotels just snatched full control of three Midtown Manhattan extended-stay properties for $220 million, buying out BlackRock and locking in ownership of the buildings on East 56th, West 44th, and West 58th Streets. With 322 keys and a $680K-per-key valuation, this move keeps the properties under the AKA Hotels Residences brand — a smart play to resist pressure from investors eyeing apartment conversions. The Korman family, real estate royalty with five generations in the game, originally assembled this portfolio in 2006-2007 for $255M and just sold their Tribeca Smyth hotel for $41M last summer. Amid rising costs and pandemic scars, the hotel industry’s recent labor deal — delivering big pay bumps to thousands of workers — could finally ease some pressure. This consolidation isn’t just about control — it’s a bold, strategic bet on future growth in a tough, evolving market.

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