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**607-Key InterContinental New York Times Square Trades for $230 Million**
A partnership comprising Gencom, Argent Ventures, and Highgate has completed the acquisition of the InterContinental New York Times Square, a 607-room luxury hotel located in Midtown Manhattan. The property was purchased from a joint venture of Tishman Speyer and MetLife Investment Management. While the purchase price was not officially disclosed by the buyers, the New York Business Journal has reported the transaction value at $230 million.
The 34-story hotel will shift from IHG’s direct management to an IHG franchise model, with Highgate taking over operational management. As part of the transition, the property will undergo a comprehensive renovation, including updates to guestrooms, public areas, and dining venues.
All three firms involved in the acquisition have extensive experience in the Manhattan hospitality sector. Argent Ventures recently acquired and repositioned the Crowne Plaza Times Square, Gencom added the Thompson Central Park to its portfolio in 2024, and Highgate has a well-established reputation for acquiring and operating hotels throughout New York City.
Financing for the acquisition was provided by Monroe Capital, while Eastdil Secured facilitated the transaction, representing the sellers and arranging the financing.
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