Home / Business and Economy / Luxury Manhattan Hotel Changes Hands for $230M
Luxury Manhattan Hotel Changes Hands for $230M
13 Dec
Summary
- InterContinental New York Times Square acquired for $230 million.
- Highgate to manage the hotel after its IHG franchise conversion.
- Luxury hotel segment is a key investment opportunity in 2026.
A significant transaction has occurred in Midtown Manhattan with the acquisition of the 607-key InterContinental New York Times Square hotel. The partnership between Gencom, Argent Ventures, and Highgate secured the property from Tishman and MetLife Investment Management for a reported $230 million. This deal marks a strategic move for the investors in the thriving New York City market.
Following the acquisition, the luxury hotel will transition from IHG management to an IHG franchise, with Highgate taking over operational control. Plans are in motion for substantial renovations to guest rooms, public spaces, and dining venues. These upgrades aim to enhance the guest experience and align the property with high standards of luxury hospitality.
The timing of this deal aligns with positive trends in Manhattan's hotel sector. Luxury properties, in particular, bolstered performance in the first half of 2025, experiencing significant revenue gains. Industry executives view luxury assets as a prime investment opportunity for the upcoming year, reflecting continued confidence in the market's resilience and appeal.
