Starwood sells Manhattan at Times Square for £170m

Starwood Hotels & Resorts has completed the sale of the 665-room Manhattan at Times Square Hotel in New York City.

Manhattan Times Square sold for £170m
Manhattan Times Square sold for £170m

The property was sold for £170m ($275m) sale to estate managers Rockpoint Group, Goldman Sachs’ Real Estate Principal Investment Area, and Highgate Holdings.

The hotel will be managed by Highgate Holdings as an independent.

Starwood president of global development Simon Turner said: "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.

"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."

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