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The Langham Huntington and other hotels announced several layoffs during the coronavirus pandemic.
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Firms like Chesapeake Hotel are already in talks to manage hotels in foreclosure, which could see them hire hundreds of new employees.
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The payment is expected to be in excess of $500M.
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Around 200 hotels in the city are closed at the moment, and some will never reopen.
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The property is for sale, and while the hotel operator is looking to revive the hotel with whoever buys it, it isn't really in their hands.
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In the first half of this year RevPAR was still down 65% on the same period of 2019 in Manhattan.
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If it sells for $384M, the hotel would be among the most expensive per-room sales in the Los Angeles area.
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The hotel is officially closing Jan. 22 but is already locked up tight.
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The Times Square Sheraton Hotel is the latest in a string of struggling NYC hotels to sell at a discount, as owner-operator MCR Hotels purchases the property.
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The hotel likely sold more for its opportunity for redevelopment than its status as an active hotel.
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