NEW YORK CITY — Host Hotels & Resorts has entered into an agreement to acquire a fee simple interest in the New York Helmsley Hotel for $313.5 million. The hotel contains 775 rooms and is located at 212 E. 42nd St. in the heart of Midtown Manhattan. The deal is expected to close in March.
Upon closing, Host Hotels will launch a comprehensive repositioning of the property. In the near term, Starwood Hotels & Resorts will take over management of the property, operating it as an unbranded hotel. The guest rooms will then be completely renovated, and the hotel's meeting space will be upgraded. Once the renovations are complete, which is expected in mid-2012, the hotel will be reflagged under the Westin brand.
Local reports indicate the seller is the estate of Leona Helmsley. The reports further state that the Helmsley real estate portfolio, valued at approximately $5 billion, has been slowly liquidated since her 2007 death, with most of the proceeds going to the Leona M. and Harry B. Helmsley Charitable Trust. CB Richard Ellis represented the seller in negotiations.
— Coleman Wood