February 14, 2015
HODGES WARD ELLIOTT ADVISES ON THE SALE OF THE MANHATTAN AT TIMES SQUARE HOTEL
Hodges Ward Elliott (“HWE”) is pleased to have represented Rockpoint Group, L.L.C., Highgate Hotels, and a Goldman Sachs fund in the $535 million sale of The Manhattan at Times Square Hotel in New York City. Al Rayyan Tourism Investment Company (“ARTIC”), the international hospitality subsidiary of Al Faisal Holding Company, purchased a 97 percent interest in the hotel. HWE also represented ARTIC in procuring acquisition financing, which is being provided by Goldman Sachs. Highgate Hotels will continue to manage the hotel.
Built in 1962, The Manhattan at Times Square Hotel is located at the heart of Midtown Manhattan and combines the age-old glamour of New York and classic Art Deco detailing with a coveted Times Square location. The 22-story property features 689 rooms and suites, commercial space and is within easy reach of numerous New York landmarks. The hotel covers an entire block and is situated at 790 Seventh Avenue. Further, the site has future development potential as the new owner could develop as much as 900,000 square feet on the existing parcel, if the site were put through New York City’s uniform land use review process.
HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients. Over the past 5 years, HWE has sold or financed more than $17 billion of hotels and resorts across the U.S. and Europe.