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A Los Angeles-based investor bought the long-term leases on two Manhattan boutique hotels in the latest signal of growing confidence in the city's hotel market.
James Lippman, who made his fortune buying up low-priced apartment buildings in economic downturns, bought the Franklin Hotel and the Roger Williams Hotel leases from Credit Suisse First Boston. The sales figure wasn't disclosed.
Similar hotels sell for as much as $250,000 a room, but the price was probably lower because Mr. Lippman purchased only the long-term leases. The transaction was structured as a lease due...