Alex Hotel in Midtown to convert into time-share

The 203-room Alex Hotel, located at 205 East 45th Street, will become a time-share and get a different name under new ownership, Crain’s reported.

Wyndham Vacation Ownership will operate the property as Wyndham Midtown 45. The hotel, which had been in foreclosure, sold to an affiliate of the Wyndham Hotel Group for $115 million in February, as The Real Deal reported.

The property will continue to operate as a hotel during the renovation, Crain’s said. Afterward, it will serve as extended-stay lodging. Half of the rooms are suites that contain kitchens and living rooms. Some also have multiple bedrooms and bathrooms.

Wyndham Vacation Ownership plans to buy the property in increments over the next three years, the company told the publication. [Crain’s] – Mark Maurer