NEW YORK CITY Gehr Development has acquired the 244-key Four Points by Sheraton Midtown Times Square for US$112 million, or approximately US$460,000 per key.
The hotel is adjacent to the 244-key Fairfield Inn by Marriott Times Square that Gehr purchased in 2009. The latest transaction is part of a US$170 million portfolio financing secured by both hotels.
“New York is the best hotel market in the United States, and we will continue to grow our portfolio in Manhattan,” says Alfred Somekh, president of Gehr Development.
The company’s New York portfolio also includes Sky Room Times Square, Manhattan’s highest rooftop lounge, which is located on the 33rd and 34th floors of both hotels.
“This latest addition to our real estate holdings is part of an ongoing strategy of acquiring high-quality hospitality assets in gateway U.S. cities,” added David Lifschitz, President of The Gehr Group.