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NEW YORK CITY — A joint venture between Highgate Holdings and Rockpoint Group has acquired the Milford Plaza Hotel from an affiliate of Ogden CAP Properties. The hotel, constructed in the 1920's, is located in Manhattan's Theatre District, less than a block from Times Square. The new buyer plans to redevelop the property. Construction will include an upgrade to the infrastructure and public spaces, a renovation of the guest rooms, and the addition of a restaurant and retail space on the building's ground floor. Hodges Ward Elliott was the exclusive broker in the deal.