Knightstone Hotel Group (KHG), the hospitality division of Toronto-based Knightstone Capital Management Inc., has acquired the 189-room Courtyard by Marriott New York Manhattan/Fifth Avenue for $33 million from DiamondRock Hospitality Company.
The transaction, which was first announced by DiamondRock, represents KHG’s second U.S. hotel investment, following its acquisition of the 419-room Sheraton Pentagon City Hotel in Arlington, VA, in September 2025.
HEI Hotels & Resorts was retained to manage both hotels.
KHG plans to undertake significant capital improvements at both properties as part of its long-term investment approach.
“We see a compelling opportunity to continue growing our hospitality platform in the U.S. and are actively pursuing value-add hotels in select markets,” said Alan Perlis, CEO, KHG and president/CEO, Knightstone Capital Management Inc. “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.”
Located in Midtown Manhattan, next to Bryant Park, the hotel offers direct access to major business, retail and tourism destinations.
KHG intends to continue pursuing acquisition opportunities across gateway and high-growth U.S. markets as part of its long-term expansion strategy.
