Metro Briefing | New York: Manhattan: Algonquin Hotel Sold

The Algonquin Hotel, literary gathering place of the Jazz Age, was sold yesterday for an undisclosed sum to a Denver real-estate partnership. The 165-room hotel on 44th Street near Avenue of the Americas had been on the market for the third time in 14 years. The buyer, Miller Global Properties Fund IV, said the hotel would be managed by Destination Hotels and Resorts. Charles Peck, president of Destination, said the hotel would be renovated and most of its staff retained. The Algonquin, bought in 1997 for $32.6 million by a partnership led by the Olympus Real Estate Corporation of Dallas, underwent a $5.5 million renovation in 1998. Jason Begay (NYT)