News
HOT HOTEL DEAL
June 6, 2011
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| When a Broadway baby says goodnight, it’s early in the morning, but perhaps she’ll be sleeping at the Four Points by Sheraton Midtown Times Square, which The Gehr Group’s real estate division acquired for $112M. The hotel is adjacent to the Fairfield Inn by Marriott Times Square, which Gehr bought in ’09. The transaction was part of a $170M portfolio financing secured by both hotels, and brings Gehr’s total rooms in Manhattan to 488. It also owns the Sky Room Times Square, Manhattan’s highest rooftop lounge, located on the 33rd and 34th floors of both hotels. Cushman & Wakefield Sonnenblick Goldman’s Tom McConnell, Jared Kelso, and Ernest Lee repped Gehr in the financing. |
