NEW YORK CITY-Gehr Development has acquired theFour Points by Sheraton Midtown Times Square, in a $170 millionrecapitalization of the adjacent hotel, bought by Gehr in 2009. Thenewest New York hotel in its portfolio was bought for $112million--roughly $460,000 per key--and represents the ongoing andvoracious appetite for hotel properties in the New York Citymarket.

The Fairfield Inn & Suites, at 330 W. 40th St.,and the recently acquired property, at 326 W. 40th St.,will continue to operate separately, DavidLifschitz, president of the Gehr Group,tells GlobeSt.com. “These are extremely strong brands and bothproperties are at the top performance in their respective brand sothere is really no reason for us to do anything but continueoperating them,” he says.

“We actually originally intended to buy both hotels,” Lifschitzsays of the 2009 purchase. “At the time, because of the financialclimate, there were no lenders in sight for hospitalityproperties.”

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