Starwood Hotels & Resorts Worldwide announced on Wednesday that it sold the 665-room Manhattan at Times Square Hotel for US$275 million in cash.
Starwood Hotels & Resorts Worldwide, Stamford, Connecticut, said the sale to affiliates of Rockpoint Group, Goldman Sachs’ Real Estate Principal Investment Area, and Highgate Holdings, was part of the company’s transition to an asset-light business model.
“As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices, and this sale of a non-strategic asset is consistent with that strategy,” said Simon Turner, Starwood’s president of global development. “In 2010, we removed the Sheraton flag from the Manhattan at Times Square property as part of our ongoing commitment to the revitalization of the Sheraton brand in North America.”
The property, located on Seventh Avenue between 51st and 52nd Streets in New York City, will be managed by Highgate Holdings as an independent hotel unaffiliated with Starwood Hotels & Resorts.