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Travel has rebounded at extraordinary rates, Airbnb has been curtailed by city laws and new hotel supply is thinning out.
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The sale, brokered by new affordable housing-focused firm BridgeWater Real Estate Brokerage, tees up RST Development's 317-unit plan for the site.
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CapitaLand Ascott Trust expects to be able to increase the value of its London purchase by £100M.
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The hotel industry dodged a bullet, one industry group said.
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Real estate investors are eyeing hotels, including those housing migrants, as they look for opportunities in New York City.
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Public-private partnerships helped supplement the funding needed to develop new Hyatt Regency hotels in Conroe and Baytown.
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The beleaguered hospitality REIT has a plan in place to pay off its billions in debt maturing in the coming years.
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Oxford acquired the 428-room portfolio for $141M in 2019.
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The plan, called the Great Outdoors Initiative, survived less than two weeks after drawing widespread scorn from conservationists and Republican lawmakers.
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The move comes as the city seeks to scale back its contracts with hotels acting as migrant shelters, saying most new arrivals have moved on.
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