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Hotels in Manhattan continue to trade for bargain-basement prices as investors bet they’ll be able to turn a profit when tourism and business travel eventually resume at full strength in NYC.

Apollo Global Management and investor Newbond Holdings this week announced a deal to buy the Hilton Times Square for $85M, roughly 35% of the $243M California-based REIT Sunstone Hotel Investors paid to acquire the 478-room hotel in 2006.

 

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