NEW YORK CITY — A partnership between two hospitality owner-operators, Gencom and Highgate, as well as New York City-based investment firm Argent Ventures, has acquired the 607-room InterContinental New York Times Square hotel in Midtown Manhattan. According to Hospitality Investor and The New York Business Journal, the sales price was $230 million. The 34-story hotel offers approximately 20,000 square feet of meeting and event space, multiple onsite food-and-beverage options and a 24-hour fitness center. The new ownership plans to renovate guestrooms, public spaces and dining venues. Eastdil Secured represented the seller, a joint venture between Tishman Speyer and MetLife Investment Management, in the transaction and arranged acquisition financing for the deal through Monroe Capital.
The acquisition of the InterContinental New York Times Square hotel marks Gencom’s first InterContinental-branded hotel and follows its recent Thompson Central Park acquisition in 2024. Highgate will assume management of the property.
Partnership Acquires 607-Room InterContinental New York Times Square Hotel
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