Rockpoint Group is cashing out of a midtown Manhattan hotel just two years after checking in , reported The Wall Street Journal.
The Boston-based real-estate investor and its partner, hotel operator Highgate Hotels LP, acquired The Manhattan at Times Square Hotel for $275 million in 2012.
After putting in a minimal investment, the partners recently agreed to sell a 97% stake in the nearly 700-room hotel for $530 million to Qatar’s Al Rayyan Tourism and Investment Company, say people familiar with the matter. Highgate will continue to operate and remain an owner in the property.
The former Sheraton hotel attracted interest from about a half dozen groups, from private equity firms and hotel investors to ventures from China and South Korea, these people said.
Bidders on the property had a variety of plans for the hotel, including converting the parking garage on the ground floors to retail, or tearing the building down and constructing a multi-use property with a luxury hotel.
Al Rayyan Tourism and Investment Company is among the many foreign funds attracted to U.S. hotels in major cities. In January it acquired the St. Regis Bal Harbour from Starwood Hotels & Resorts Worldwide Inc. for $213 million, or slightly more than $1 million a room.
The Boston-based real-estate investor and its partner, hotel operator Highgate Hotels LP, acquired The Manhattan at Times Square Hotel for $275 million in 2012.
After putting in a minimal investment, the partners recently agreed to sell a 97% stake in the nearly 700-room hotel for $530 million to Qatar’s Al Rayyan Tourism and Investment Company, say people familiar with the matter. Highgate will continue to operate and remain an owner in the property.
The former Sheraton hotel attracted interest from about a half dozen groups, from private equity firms and hotel investors to ventures from China and South Korea, these people said.
Bidders on the property had a variety of plans for the hotel, including converting the parking garage on the ground floors to retail, or tearing the building down and constructing a multi-use property with a luxury hotel.
Al Rayyan Tourism and Investment Company is among the many foreign funds attracted to U.S. hotels in major cities. In January it acquired the St. Regis Bal Harbour from Starwood Hotels & Resorts Worldwide Inc. for $213 million, or slightly more than $1 million a room.
Source:
Mubasher
