MCR and Island Capital Group have jointly acquired the Sheraton New York Times Square Hotel, a 1,780-room hotel in the heart of midtown Manhattan, for $373 million from Host Hotels & Resorts. The purchase price equates to $210,000 per key, which is one of the lowest prices per room paid for fee simple hotel real estate in Manhattan over the past 13 years, according to the buyers.
As part of the deal, Host Hotels is providing a $250 million bridge loan to the buyers.
The Sheraton New York Times Square Hotel, located on Seventh Avenue between West 52nd and West 53rd Streets just seven blocks north of Times Square, is the third-largest hotel in New York City by room count. The property opened in 1962 as the Americana and became part of the Sheraton hotel brand in 1979.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
