Rockpoint Group, a private equity firm, in partnership with a Goldman Sachs real estate fund and Highgate Holdings, purchased the Manhattan hotel at 790 Seventh Avenue at West 51st Street for $275 million in cash, the New York Observer reported.
The 665-key hotel will be operated by Highgate Holdings. The sale is part of Starwood Hotels & Resorts’ transition into an “asset-light model,” and has been in the works for two years, since the Sheraton flag was removed as the company reevaluated its assets.
The Manhattan was once dubbed a top by-the-hour hotel by Time Out New York . [NYO]