Qatar-based investor buys Manhattan hotel
Al Rayyan Tourism Investment Co., the hospitality subsidiary of Qatar-based Al Faisal Holding Co., has purchased a 97 percent interest in The Manhattan at Times Square Hotel.
Rockpoint Group’s Rockpoint Fund IV, Highgate Hotels and Goldman Sachs’ Whitehall Real Estate Funds sold the interest for $535 million, or $829,393 per room.
According to Real Capital Analytics, the property could be operated as is by Highgate. Or the firms may have plans to expand or demolish the property for a mixed-use project with up to 900,000 square feet. The site can accommodate up to 600,000 square feet under current zoning or up to 1 million square feet by purchasing transferable development air rights from nearby properties.
The previous owners purchased the 665-room full-service hotel in 2012 for $275 million.
The Manhattan at Times Square Hotelwas built in 1962 and renovated in 2013. It covers an entire block and is situated at 790 Seventh A