The Wall Street Journal reported on Wednesday that Accor, Courcouronnes, France intends to sell the 480-room Novotel New York Times Square by the end of January.
According to anonymous sources “familiar with the matter,” Accor will likely sell the hotel for US$91 million to Apollo Global Management, New York City and The Chartres Lodging Group, San Francisco for US$91 million. Both of the investors have agreed to invest US$86 million to renovate the property as part of the deal.
The move would follow Accor’s asset-light strategy announced last year.