Qatari group closing soon on $535M Times Square hotel

Qatari investment firm Al Rayyan Tourism and Investment is, as The Real Deal is reports, is closing on the acquisition of the 689-room Manhattan at Times Square Hotel for $535 million in the next few days.

The buyer, ARTIC, a subsidiary of Al Faisal Holdings, which is controlled by Qatar’s ruling Al Thani family, is buying a 97-percent stake in the building, which is owned by Rockpoint Group, Highgate Hotels and a Goldman Sachs fund. The 22-story, 500,000-square-foot tower covers a full city block bounded by Seventh Avenue, Broadway, and 51st and 52nd streets.

Rockpoint, Highgate and Goldman Sachs purchased the building from Starwood Hotels & Resorts in 2012 for $275 million.

Virtual Roundtable

Post COVID-19: The New Guest Experience

Join Hotel Management’s Elaine Simon for our latest roundtable—Post COVID-19: The New Guest Experience. The experts on the panel will share how to inspire guest confidence that hotels are safe and clean and how to win back guest business.

The Real Deal reports that the new owners are eyeing options including constructing a new building on a portion of the parcel where there is now a swimming pool, or demolishing the entire structure and erecting a 900,000-square-foot tower. The buyers inked the contract last year to purchase the hotel.

Suggested Articles

Hyatt Hotels Corporation hailed Q2 recovery in China and South Korea, but added that demand was building more slowly elsewhere.

While sharing the company's first-half results, Chairman & CEO Sébastien Bazin announced a €200 million cost-saving plan.

San Diego Mission Bay Resort officially reopened after completing a $32 million total reimagination and renovation.