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NEW YORK CITY-Highgate Holdings and private equity firm Rockpoint Group said Tuesday they had closed on the acquisition of the 1,300-key Milford Plaza Hotel, a deal first reported in late September. A source familiar with the deal tells GlobeSt.com that a New York Post report Tuesday pegging the value of the acquisition at $230 million, higher than earlier estimates, is “in the ballpark.”

The property’s ownership, Milford Plaza Associates LLC, an affiliate of Philip Milstein’s Ogden CAP Properties, had suspended a planned renovation as it reassessed its options for the historic lodging property. The hotel closed this past December.

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