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.

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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.