Months after launching a major celebration for its 15th birthday, a Times Square hotel is kicking off year 16 with a change in ownership.<\/p>\n
The InterContinental New York Times Square hotel, at 300 West 44th Street, has been sold for $230 million by a joint venture between Tishman Realty<\/a> and MetLife Investment Management<\/a> to a partnership that includes Highgate<\/a>, Gencom<\/a> and Argent Ventures<\/a>.<\/p>\n SEE ALSO: Kennedy Wilson, Affinius Provide $384M Construction Financing Package for Jersey City Multifamily Project<\/a><\/p>\n The Real Deal was first to report the news<\/a>.\u00a0<\/p>\n The buyers secured a $190 million loan for the purchase from Monroe Capital<\/a>. Eastdil Secured<\/a> represented the seller on the sale and the buyer on securing the financing, according to a representative for Gencom.\u00a0\u00a0<\/p>\n The 34-story hotel, which Crain\u2019s New York Business<\/a> reported was built for $500 million, opened in July 2010 on the corner of Eighth Avenue and West 44th Street in Midtown\u2019s Theater District. The hotel commemorated that event\u2019s anniversary this past July with an interactive art piece that hotel guests could participate in creating, and a \u201cCheers to 15\u201d welcome promotion<\/a>.\u00a0<\/p>\n The InterContinental underwent a multimillion-dollar renovation in 2020 and 2021 that included a complete refresh of all 607 rooms as well as the hotel\u2019s hallways, meeting spaces and hospitality services, according to Hospitality Net<\/a>. With this sale, the hotel will undergo a complete renovation yet again, according to Gencom, in order to \u201cmeet the highest standards of luxury hospitality.\u201d<\/p>\n \u201cAs Gencom\u2019s second hotel acquisition in New York City in the past 18 months, this transaction underscores our confidence in the long-term strength and global appeal of this destination,\u201d\u00a0 Karim Alibhai, founder and principal of Gencom, said in a statement, referencing his company\u2019s 2024 acquisition of the Thompson Central Park New York. \u201cWe look forward to leveraging Gencom\u2019s expertise to elevate the property\u2019s experience further, blending luxury with the energy and sophistication of Manhattan.\u201d<\/p>\n The hotel has been managed by IHG Hotels & Resorts<\/a>, and will shift to an IHG franchise that Highgate will manage, according to Gencom. Highgate operates more than 87,500 hotel rooms worldwide, per Bloomberg, which first reported<\/a> on the possibility of the sale in September.\u00a0<\/a><\/p>\n \u201cHighgate is thrilled to complete another significant investment in New York, and to partner with Gencom and Argent Ventures,\u201d Zach Berger, the company\u2019s principal, said in a statement. \u201cHighgate has invested in New York across multiple cycles and multiple asset classes, and remains committed to fielding a best-in-class operating team in the market and delivering exceptional experiences for our guests and leading results for our partners. We are also excited to continue expanding our activities with IHG, and to lead this new chapter for the InterContinental New York Times Square.\u201d<\/p>\n Representatives for Tishman, MetLife and Argent Ventures did not immediately respond to requests for comment.<\/p>\n UPDATE: This article has been updated to include quotes from Gencom and Highgate, as well as additional information provided by Gencom.<\/p>\n