The "cooperative plan," used by landlords to unload hundreds of apartments on tenants at fat profits, last week turned up in the hotel business. Arnold Kirkeby, who has an eleven-hotel chain, announced a plan to turn Manhattan's elegant, 492-room Hampshire House into a coop, and thereby make a pretty penny. Kirkeby's company bought Hampshire House two years ago for $3,550,000 and later borrowed $3,350,000 on it. So far it has earned him less than $700,000 before taxes, which makes Kirkeby think "we are not making much headway."
Under his plan, rooms and...
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