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. 

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.