NEW YORK CITY-Highgate Holdings and private equity firm Rockpoint Group said Tuesday they had closed on the acquisition of the 1,300-key Milford Plaza Hotel, a deal first reported in late September. A source familiar with the deal tells GlobeSt.com that a New York Post report Tuesday pegging the value of the acquisition at $230 million, higher than earlier estimates, is “in the ballpark.”

The property’s ownership, Milford Plaza Associates LLC, an affiliate of Philip Milstein’s Ogden CAP Properties, had suspended a planned renovation as it reassessed its options for the historic lodging property. The hotel closed this past December.

Occupying an entire blockfront at 700 Eighth Ave. in Manhattan’s Theatre District, the property was built in the 1920s as the Lincoln Hotel. It was repositioned as the Milford Plaza in 1978, and has long been promoted to tourists under the nickname “Lullabuy of Broadway” due to its proximity to the district.