607-Key Intercontinental New York Times Square Trades for $230M

A partnership between Gencom, Argent Ventures and Highgate has completed the acquisition of The InterContinental New York Times Square, a 607-key luxury hotel in Midtown Manhattan, from a joint venture of Tishman Speyer and Met Life Investment Management. Although the partnership did not disclose the purchase price, the New York Business Journal reported it as $230 million.

The 34-story property will transition from IHG management to an IHG franchise, with Highgate assuming management. The hotel will also undergo renovations of guestrooms, public spaces and dining venues.

All three partners in the acquisition have experience with Manhattan hospitality properties. Argent recently acquired and converted the Crowne Plaza Times Square, Gencom added the Thompson Central Park in 2024, and Highgate has an established track record of buying and operating hotels in the city.

The acquisition financing for the transaction was provided by Monroe Capital. Eastdil Secured arranged the deal, representing the sellers and securing financing.

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