NEW YORK CITY-For a selling price of just over $94 million, Accor Hotels has sold the Novotel New York Times Square hotel property to a JV between Apollo Global Real Estate Management and Chartres Lodging Group, according to a statement from Jones Lang LaSalle Hotels, which represented the seller. The building is located at 52nd Street and Broadway. The team will be fully renovating the 480-room hotel between 2012 and 2013, during which it will remain open.

In a separate statement, Chartres outlined some of the work that will take place during the renovations. Maki Nakamura Bara, president & co-founder of Chartres Lodging, outlined some of the plans for the hotel in a prepared statement. They include adding a 4-pipe HVAC system, tackling a full guestroom renovation and completing a total transformation of the public areas and Terrace Bar overlooking Times Square. Other additions will be "Sky Boxes"--designed to be business meeting rooms--a new fitness center and two suites.

"With this acquisition we are entering our third decade of successful investing in the New York City lodging market," Robert Kline, CEO & co-founder of Chartres said in a prepared statement. "This hotel offers us the ideal opportunity to create value through repositioning."