Knightstone Hotel Group, the hospitality division of Toronto-based Knightstone Capital Management, acquired the 189-room Courtyard by Marriott New York Manhattan/Fifth Avenue in New York City. Other terms and conditions were not disclosed. The hotel is located in Midtown Manhattan, next to Bryant Park.
The transaction represents the company’s second U.S. hotel investment, following its purchase of the 419-room Sheraton Pentagon City Hotel in Arlington, Va. in September 2025. HEI Hotels & Resorts was retained to manage both hotels.
The acquisition reflects KHG’s broader strategy of pursuing targeted hospitality investments in high-demand urban and gateway markets. The company plans to undertake significant capital improvements at both properties as part of its long-term investment approach. Drawing on its extensive Canadian hospitality portfolio and experience executing complex renovations and repositioning initiatives, KHG aims to enhance operational performance and unlock long-term asset value.
“We see a compelling opportunity to continue growing our hospitality platform in the United States and are actively pursuing value-add hotels in select markets,” Alan Perlis, president at Knightstone Capital Management, said in a statement. “These investments establish an important foundation for our U.S. expansion strategy. This particular asset is especially exciting given its strong fundamentals, premier Midtown Manhattan location, globally recognized brand, and well-conceived floorplates. We believe this hotel is well-positioned for a transformative renovation and long-term value creation in one of the world’s most vibrant cities.”
KHG intends to continue pursuing acquisition opportunities across gateway and high-growth U.S. markets as part of its long-term expansion strategy.