Qatari Firm Makes $535M Hotel Buy
Qatar's Al Rayyan Tourism and Investment has acquired the Manhattan at Times Square Hotel for $535M. Rockpoint Group sold its 97% stake in the property to ARTIC, whose parent company, Al Faisal Holdings, is run by the House of Thani, Qatar's ruling family.
Rockpoint along with Highgate and Goldman Sachs bought the 22-story, 689-room property in 2012 for $275M. The Real Deal reports there are whispers the 500K SF property could either be expanded atop what is now a hotel pool or be torn down and replaced by a 900K SF tower. ARTIC could develope up to 600K SF as-of-right should it want to avoid the city's painstaking Uniform Land Use Review Procedure. Doug Harmon, Adam Spies and Mark Schoenholtz of Eastdil Secured brokered the deal.