The property, located on Seventh Avenue between 51st and 52nd Streets, will be managed by Highgate Holdings as an independent hotel unaffiliated with Starwood Hotels & Resorts.
Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced today it has completed the sale of the 665-room Manhattan at Times Square Hotel in New York City to affiliates of Rockpoint Group, Goldman Sachs’ Real Estate Principal Investment Area, and Highgate Holdings for $275 million in cash. The property, located on Seventh Avenue between51st and 52nd Streets, will be managed by Highgate Holdings as an independent hotel unaffiliated withStarwood Hotels & Resorts.
“As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices to best create value for our shareholders, and this sale of a non-strategic asset is consistent with that strategy,” said Simon Turner, President of Global Development,Starwood Hotels & Resorts Worldwide, Inc. “In 2010, we removed the Sheraton flag from the Manhattanat Times Square property as part of our ongoing commitment to the revitalization of the Sheraton brand inNorth America and began a rigorous process to evaluate all value-maximization options for this asset. With all nine of our brands already well-represented in New York City across approximately 9,000 rooms, we believe this sale presented the best value for our shareholders.”
Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,112 properties in nearly 100 countries and 154,000 employees at its owned and managed properties.
Logos, product and company names mentioned are the property of their respective owners.