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MCR and Island Capital Group have jointly acquired the Sheraton New York Times Square Hotel, a 1,780-room hotel in the heart of midtown Manhattan, for $373 million from Host Hotels & Resorts. The purchase price equates to $210,000 per key, which is one of the lowest prices per room paid for fee simple hotel real estate in Manhattan over the past 13 years, according to the buyers. 

As part of the deal, Host Hotels is providing a $250 million bridge loan to the buyers.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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