Highgate, Gencom and Argent Ventures swooped to buy the InterContinental New York Times Square for around $230 million from a joint venture between Tishman Realty and Metlife Investment Management.
The transaction is a sizeable bet on the luxury hotel market in the city. Eastdil Secured advised the seller and arranged the debt, according to The Real Deal.
The report suggests that the hotel could move from IHG in-house management to a franchise agreement with Highgate taking over the running of the hotel.