Key financials include a $38.5 million acquisition, a $13 million renovation budget, 117 guestrooms with 42 expansive suites, and a mid-2027 opening, with architecture described as pre-war.

Leadership views this project as the first step in a broader North American expansion, aiming to develop 10 to 30 additional boutique properties across major U.S. cities over the next decade under the Leonardo Hotels brand.

The Blakely site on West 55th Street between Sixth and Seventh Avenues is undergoing a $13 million redevelopment to become Leonardo Hotels, targeting mid-to-upper luxury travelers with 117 rooms and 42 suites, planning a mid-2027 reopening.

Market rationale cites New York City as a premier destination for international travel, favorable currency dynamics for overseas investors, and a strategy to attract luxury leisure and high-end corporate travel through a flagship Manhattan entry.

The purchase signals a shift from European-focused growth to an asset-heavy strategy, with a €518 million capital pool from institutional investors to support metropolitan expansion in the U.S.

The redevelopment plans prioritize preserving the building’s pre-war character while integrating modern digital infrastructure and services, including advanced digital check-in, to align with Leonardo Hotels’ premium branding.

Located near MoMA, Carnegie Hall, Fifth Avenue shopping, and with access to multiple subway lines, the property is positioned for strong accessibility to international travelers and high-net-worth guests.

Fattal Hotel Group has entered the U.S. market with a $38.5 million acquisition of the Blakely Hotel in Midtown Manhattan, marking its first physical presence in the United States and signaling a strategic expansion into North America.