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Rockpoint Group buys Times Square hotel, the Manhattan, from Starwood
![The Manhattan at Times Square](https://static.therealdeal.com/wp-content/uploads/2012/10/sheraton-manhattan-hotel-at-times-square-e1349353947115.jpg)
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]
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