The Mayfair Hotel Group, a boutique hotel owner and operator, signed a 49-year lease at 242 W. 49th St in New York Cities Theater District. The hotel is 78-key, 21,000-square-foot building in the Times Square/Theater District area. The lease began in January 2023 with terms consisting of a 25-year term with a 24-year renewal. The property shut down as a result of the Covid-19 pandemic and has sat vacant since. Mayfair will begin a $2.5 million renovation of the hotel, which will be named the Mayfair Hotel NYC. The renovation will include updated interior design, enhanced mechanical systems and new food and beverage operations. Renovations are expected to take up to a year.
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