NEW YORK CITY-Host Hotels & Resorts Inc. of Bethesda has signed a contract to acquire New York Helmsley Hotel for an amount of $313.5 million. Starwood Hotels and Resorts Worldwide Inc. will assume control over the management of the 775-room hotel.
The hotel, situated close to the United Nations headquarters, the Chrysler Building, the Midtown Tunnel and Grand Central Station in midtown Manhattan, will undergo renovations before the deal is closed. The transaction will be closed in late March 2012. For the full story, go to Washington Business Journal.
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