Ty Warner Hotels and Resorts has turned down an unsolicited offer to buy the 368-room Four Seasons Hotel New York for US$900 million.
The company cited the continued strength of the New York City real estate market and the U.S. federal government’s ‘fiscal cliff’ spending standoff as reasons to decline the deal.
The offer was speculated to have come from the government of Brunei. The sultan of Brunei sold 889-room The New York Palace Hotel to Northwood Investors LLC for US$400 million in 2011 via the sovereign wealth fund Brunei Investment Agency, after purchasing the hotel for US$202 million in 1994.