The Sheraton New York Times Square Hotel, located on Seventh Avenue between West 52nd and West 53rd Streets, about seven blocks north of Times Square, is New York City’s third-largest hotel by room count.
The Manhattan hotel with 1,780 rooms sold for $373 million. The price is $210,000 per guestroom, which is one of the lowest amounts paid for fee simple hotel real estate in Manhattan in the last 13 years.
The acquisition of the Sheraton New York Times Square Hotel follows the successful joint venture acquisition of The Lexington Hotel, Autograph Collection, a 725-room hotel on the intersection of Lexington Avenue and East 48th Street in Midtown Manhattan, by Island Capital and MCR.
Island Capital and MCR have bought about 2,500 guestrooms in New York City between The Lexington Hotel and the Sheraton New York Times Square. MCR presently manages almost 5,000 rooms in New York City, including The TWA Hotel at JFK Airport, The High Line Hotel, Royalton New York, Ink48 Hotel, and The New Yorker.
“The Sheraton New York Times Square Hotel is a landmark property that we are committed to enhancing and modernizing over the coming months to make it a go-to destination when travelling for business or pleasure,” said Andrew L. Farkas, CEO of Island Capital.
“We are excited to continue building our lodging and hospitality footprint in New York City alongside MCR, and we are confident that the City’s hospitality industry will continue to bounce back.”
Under a new long-term franchising arrangement, the Sheraton New York Times Square Hotel will remain part of the Sheraton brand family and will be operated by MCR. MCR and Island Capital plan to invest more than $100 million in the hotel’s rooms, banquet halls, and public spaces.
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