Novotel Times Square reportedly to be sold by month's end for $91M

The Wall Street Journal is reporting that Accor will sell the 480-room Novotel New York Times Square hotel by the end of the month. Word is the hotel operator will sell the hotel to a partnership of Apollo Global Management and Chartres Lodging Group for around $91 million. As part of the deal, The Wall Street Journal reports that Apollo and Chartres will spend roughly $86 million on a renovation that would include overhauling hotel's air-conditioning system, refurbishing the lobby and restaurants, adding meeting space and revamping rooms. After selling, Accor would receive a 25-year management contract on the hotel. Jones Lang LaSalle is brokering the sale of the hotel, which will remain open during the renovations. 

Suggested Articles

The holding company believes MGM's online gaming business will grow—but was also drawn to the entertainment giant's hospitality sector.

The REIT said that it does not expect to see a meaningful increase in demand for its portfolio until there are COVID-19 medical solutions in place.

When it reopens in the fall, the former Riviera Palm Springs will continue to be managed by Davidson Hotels & Resorts.