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Fire Sale Continues for Manhattan Hotels

The Sheraton Times Square trades for half of what the seller paid for it while the drumbeat grows to bring casinos to NYC.

By Jack Rogers | May 02, 2022 at 06:03 AM

Buyers have been snapping up hotels at bargain prices in Manhattan, betting they’ll be able to turn a profit when tourism regains its full strength in NYC.

The latest domino to fall is the Sheraton New York Times Square, which reportedly sold for half the price the owner paid when it was last acquired in 2006. MCR and Island Capital Group said they paid $373M for the Sheraton.

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