Highgate, Gencom, Argent Buy Times Square InterContinental

A trio of investors snapped up the InterContinental New York Times Square in another nine-figure bet on New York’s luxury hotel market.

Highgate, Gencom and Argent Ventures closed on a deal to buy the 36-story, 607-room property for roughly $230 million from a joint venture between Tishman Realty and Metlife Investment Management, The Real Deal has learned. Monroe Capital provided a $190 million loan for the purchase. Eastdil Secured advised the seller and arranged the debt.

The sale marks another large-scale hospitality trade in a market finding its footing after years of uneven recovery. Tourism has roared back and revenues are healthy, but rising labor costs, high interest rates and climbing property taxes continue to squeeze profits.

Located at 300 West 44th Street, the InterContinental opened in 2010 as one of the corridor’s few luxury offerings. The project reportedly cost $500 million to develop. The property operates under IHG Hotels and Resorts management, but that structure will shift under the new ownership. The hotel is expected to convert to an IHG franchise, with Highgate taking over management, sources said.

The deal appears to be the second-largest single hotel deal of 2025, behind Kam Sang Company’s purchase of the Edition Clocktower Hotel in October for $235 million. The same month, a group of large institutional investors bought a portfolio of four Manhattan hotels for $489.8 million.

“After a couple of years of New York being in the doldrums, it’s kind of amazing the comeback that the city has endured thus far,” said Daniel Lesser of LW Hospitality Advisors. “The hotel business is really strong in New York, from a top-line perspective. There’s definitely a challenge with bringing profits down to the bottom line.”

Highgate, Gencom and Argent Ventures did not immediately respond to requests for comment. Eastdil also declined to comment.