Among
the noteworthy deals of the past week was Highgate, Gencom and Argent Ventures
acquiring the InterContinental New York Times Square.
NEW YORK
CITY — Highgate, Gencom and Argent Ventures have acquired the 607-key
InterContinental New York Times Square for approximately $230 million from a
joint venture between Tishman Realty and Metlife Investment Management.
The deal was
backed by a $190 million loan from Monroe Capital and will also see the
property become a franchise with Highgate taking management from IHG.
Gencom,
which also acquired the Thompson Central Park last year, said its first
InterContinental-branded hotel will undergo a comprehensive renovation of
guestrooms and public spaces. The hotel currently features approximately 20,000
sq. ft. of flexible meeting space, a signature…
