The Sheraton New York Times Square has been sold and a result will no longer by managed by Marriott. The 1,780 room hotel was sold from Host Hotels & Resorts for $356 million to MCR, which will own and operate the hotel.
As part of the sale, It will still carry the Sheraton flag as a franchise, as opposed to a managed property. MCR is already hiring for the property, and has many management openings, since most of the previous hotel management have started leaving the hotel for other Marriott managed properties.
Per the Real Deal,
One of New York City’s largest hotels traded hands — at a nearly $400 million loss from its last sale.
Hotel owner-operator MCR agreed to acquire the Sheraton New York Times Square from Host Hotels & Resorts for $356 million, according to research platform Green Street. The 1,780-key hotel last sold in 2006 for $738 million, more than double what it is today, according to property records.
MCR owns several other hotels which operate as Marriott franchise properties including The Lexington Hotel, Autograph Collection in NYC as well.
Generally, franchise properties don’t offer the same experience to guests as managed properties and seem more likely to cut corners, so here’s to hoping the Marriott Bonvoy recognition at the Sheraton Times Square doesn’t go downhill.
The hotel’s club lounge is still closed due to the pandemic, and it remains seen to when it will re-open, if at all.
What are your thoughts on the Sheraton New York Times Square being sold from Host Hotels to MCR, and no longer being managed by Marriott? Feel free to share your in the comments below.