NEW YORK CITY-Highgate Holdings and private equity firmRockpoint Group said Tuesday they had closed on the acquisition ofthe 1,300-key Milford Plaza Hotel, a deal first reported in lateSeptember. A source familiar with the deal tells GlobeSt.com that aNew York Post report Tuesday pegging the value of theacquisition at $230 million, higher than earlier estimates, is “inthe ballpark.”

The property’s ownership, Milford Plaza Associates LLC, anaffiliate of Philip Milstein’s Ogden CAP Properties, had suspendeda planned renovation as it reassessed its options for the historiclodging property. The hotel closed this past December.

Occupying an entire blockfront at 700 Eighth Ave. in Manhattan’sTheatre District, the property was built in the 1920s as theLincoln Hotel. It was repositioned as the Milford Plaza in 1978,and has long been promoted to tourists under the nickname “Lullabuyof Broadway” due to its proximity to the district.