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. 

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