For $275 million, Starwood Hotels & Resorts Worldwide Inc. completed its sale of the venerable Manhattan at Times Square Hotel to an investment group led by Rockpoint Group L.L.C.
In a prepared statement, Stamford-based Starwood called the former Sheraton-brand hotel a “non-strategic asset” given Starwood’s 9,000 rooms in New York City spanning nine brands including Sheraton. The Manhattan at Times Square totals 665 rooms.
“As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices,” said Simon Turner, president of global development for Starwood, in a prepared statement.
Boston-based Rockpoint brought in Goldman Sachs Group Inc. and Highgate Hotels on the deal, with the latter company to manage the Manhattan at Times Square Hotel.
