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Vornado Triples Times Square Hotel Stake

NEW YORK CITY—The REIT has invested a significant sum to increase its Crowne Plaza Times Square holdings from 11% to 33%.

By Rayna Katz | Updated on February 12, 2015

NEW YORK CITY—Vornado Realty Trust has tripled its investment in the Crowne Plaza Times Square Manhattan. The REIT has ponied up $39 million to increase its ownership interest in the 795-room property to 33% from 11%.

Vornado co-invested with its 25% owned Real Estate Fund and one of the fund’s limited partners to buy out the fund’s joint venture partner’s 57% interest in the property for approximately $95 million. The hotel’s other owner is the City Investment Fund, a vehicle sponsored jointly by Fisher Bros. and the Morgan Stanley Real Estate Fund. Fisher Bros. representatives couldn’t be reached by press time while Morgan Stanley declined to comment.

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