Located in East Midtown, the InterContinental NY Barclay hotel generated interest from global investors.

NEW YORK CITY—InterContinental Hotels Group has sold an overwhelming majority stake of its historic InterContinental New York Barclay for $240 million, which values the hotel at $300 million prior to refurbishment.

Constellation Barclay Holding US, LLC—an affiliate of Constellation Hotels Holding Ltd.—purchased 80% of the 685-room hotel in a transaction arranged by JLL. IHG will hold the remaining 20% of the property, which is located at 111 E. 48th St.

The JLL Hotels & Hospitality Group was led by Mark Wynne-Smith, global CEO; Arthur Adler, managing director and CEO, Americas; Jeffrey Davis, managing director and Gilda Perez-Alvarado, EVP.

“The parties of this joint venture seized an incredible opportunity to own and elevate the positioning of an iconic hotel in one of the top global lodging markets,” says Wynne-Smith.

According to Adler, the InterContinental New York Barclay attracted strong interest from domestic, Middle Eastern and Asian investor groups by virtue of its long-standing reputation in New York, its affiliation with InterContinental Hotels, and its location in one of Manhattan’s strongest lodging sub-markets.