X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The City Investment Fund LP acquired the Crowne Plaza hotel in Times Square for $362 million. The 770-key hotel was sold by KG Land New York, a subsidiary of the Japan-based New Real Property Corp. InterContinental Hotels Group will continue to operate the hotel.

“We are thrilled to have acquired such an iconic asset in the heart of Times Square. In so doing we are inheriting a highly successful hotel that will benefit from the continued excellent management of the InterContinental Hotels Group,” Joseph Zuber, CIO of City Investment Fund, says in a statement.

KG Land built the 42-story hotel in 1989 and partially renovated the facility in 2005, according to a release. The base of the hotel houses 13,000 sf of retail space, including Hershey’s Times Square. The hotel also includes 26,000 sf of meeting space, 180,000 sf of office space and a health club.

Morgan Stanley Mortgage Capital provided the mortgage financing.

In March, as reported by GlobeSt.com, Sunstone Hotel Investors bought the 444-room Hilton Times Square for about $243 million from Forest City Ratner Cos.

In general, “The Manhattan hotel market is tremendously strong both in market fundamentals and on the part of the investors looking for product,” says Eric Lewis, senior director, industry leader of the hospitality and gaming group at Cushman & Wakefield.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.