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New York & Tri-State  + Midtown New York  + Hospitality  | 
Host Hotel & Resorts has sold the Sheraton New York Times Square to MCR and Island Capital

Host Hotels Trades Sheraton Times Square to MCR, Island Capital 

Host Hotels & Resorts, Inc.  (HST) has sold the 1,780-key Sheraton New York Times Square Hotel to MCR and Island Capital for approximately $373 million, or about $210,000 per key. The buyers touted the deal as “one of the lowest prices per guestroom paid for fee simple hotel real estate in Manhattan over the past 13 years.” 

The sale represents a 28.0X multiple on 2019 EBITDA for HST. In connection with the sale, the Bethesda, MD-lodging REIT is providing a $250-million bridge loan to the buyers. 

James F. Risoleo, HST’s president and CEO, said, “The sale of the Sheraton New York Times Square Hotel represents another important step in the transformation of our portfolio as we look to deploy capital into assets that will bolster our EBITDA growth profile.” 

MCR and Island plan to invest $100 million in capital improvements at the property, which MCR will operate as a Sheraton. 


Inside The Story


About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition