Highgate Gencom And Argent Ventures Acquire InterContinental New York Times Square Hotel For $230M

The transaction involved the sale of the InterContinental New York Times Square, a hotel asset located at 300 West 44th Street in Manhattan. The property consists of 607 units and was sold for $230,000,000, which equates to a price per unit of approximately $378,913. The acquisition was financed with a $190,000,000 loan from Monroe Capital.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $230,000,000
• Units: 607
• Price Per Unit: $378,913
• Buyer: Arash Azarbarzin & Mahmood Khimji - Highgate; Karim Alibhai - Gencom; Andrew Penson - Argent Ventures
• Seller: David Rothenberg - Tishman Realty & MetLife Investment Management
• Broker: Eastdil Secured

The deal saw the collaboration of several key individuals and companies, including Arash Azarbarzin and Mahmood Khimji representing Highgate, Karim Alibhai for Gencom, and Andrew Penson of Argent Ventures. The seller, David Rothenberg, represented Tishman Realty and MetLife Investment Management in this significant transaction.