Sale of the Pierre Hotel

under sale process

The Pierre Hotel, a storied hotel on the Upper East Side with co-op residences, is undergoing a contentious sale process. The co-op's board of directors signed a term sheet for a $2 billion sale with an LLC believed to be owned by an affiliate of the Khashoggi family. The building is planned to become part of the Dorchester Collection, a luxury-hotel group owned by Brunei, and residents would have to leave their apartments within a year after the sale's completion or forfeit their share of the proceeds. The board has rebuffed a competing offer from Taj Hotels, which has operated the building since 2005, that would have allowed residents to remain. The sale process is currently underway but is subject to shareholder approval.