NEW YORK
Sunstone Hotel Investors, Inc. announced it sold 100% of its membership/leasehold interest in the 468-room DoubleTree Guest Suites Times Square hotel for $540 million.
The contractual gross sale price of $540.0 million amounts to approximately $1,154,000 per room. The DoubleTree property was sold to Maefield Development, which announced a “planned redevelopment of the property into a premier cultural entertainment, retail and hospitality experience” in the middle of Times Square, according to additional reporting by The Real Deal, a New York real estate news site.
The DoubleTree Guest Suites Times Square features 10,000 square feet of meeting space. Sunstone still owns a Hilton Hotel in Times Square according to the Orange County Business Journal.
