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Crowne Plaza Sells for $362M

NEW YORK CITY-KG Land New York sells the hotel it built in 1989 and has owned since then. The property was partially renovated in 2005.

By Katie Hinderer | Updated on November 17, 2006

NEW YORK CITY-The City Investment Fund LP acquired the Crowne Plaza hotel in Times Square for $362 million. The 770-key hotel was sold by KG Land New York, a subsidiary of the Japan-based New Real Property Corp. InterContinental Hotels Group will continue to operate the hotel.

“We are thrilled to have acquired such an iconic asset in the heart of Times Square. In so doing we are inheriting a highly successful hotel that will benefit from the continued excellent management of the InterContinental Hotels Group,” Joseph Zuber, CIO of City Investment Fund, says in a statement.

KG Land built the 42-story hotel in 1989 and partially renovated the facility in 2005, according to a release. The base of the hotel houses 13,000 sf of retail space, including Hershey’s Times Square. The hotel also includes 26,000 sf of meeting space, 180,000 sf of office space and a health club.

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