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After five years of ownership changes and tenant battles, a group of well-known hoteliers is betting on the future of the historic Hotel Chelsea. The Real Deal reports that a joint venture made up of BD Hotels’ Richard Born and Ira Drukier and Sean MacPherson (who owns, among others, the Bowery Hotel and Waverly Inn) has closed on the hotel for $250 million, and they plan to convert it to condos and a likely trendy hotel.

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