NEW YORK CITY-Gehr Development has acquired the Four Points by Sheraton Midtown Times Square, in a $170 million recapitalization of the adjacent hotel, bought by Gehr in 2009. The newest New York hotel in its portfolio was bought for $112 million--roughly $460,000 per key--and represents the ongoing and voracious appetite for hotel properties in the New York City market.

The Fairfield Inn & Suites, at 330 W. 40^th St., and the recently acquired property, at 326 W. 40^th St., will continue to operate separately, David Lifschitz, president of the Gehr Group, tells GlobeSt.com. “These are extremely strong brands and both properties are at the top performance in their respective brand so there is really no reason for us to do anything but continue operating them,” he says.

“We actually originally intended to buy both hotels,” Lifschitz says of the 2009 purchase. “At the time, because of the financial climate, there were no lenders in sight for hospitality properties.”