NEW YORK CITY-Black Entertainment Television network has bought the Doubletree Metropolitan Hotel for $335 million. The new purchase marks the third of its kind made by the network since 2008. Black Entertainment Television has purchased Fashion 26 Hotel and Hilton Garden for over $100 million each.
The sale represents a significant profit for Whitehall Real Estate Funds of Goldman Sachs Group Inc. and Highgate Holdings, the hotel's sellers. The hotel will continue to be managed by Highgate Holdings. For the full story, go to Wall Street Journal.
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