One of NYC’s Largest Hotels Trades for $356M as Hospitality Industry Continues to Struggle

Hotel Hotels & Resorts is selling the Sheraton New York Times Square for $356 million to hotel owner-operator MCR — a price that is significantly discounted from the up to $550 million Host was seeking in 2018. Located at 811 Seventh Avenue, the pending sale of the 1,780-key hotel —the “third-largest” hotel by room count in the city, fetched a price of about $200,000 per room; and once the transaction closes, it will mark the largest hotel sale in about two years.