MCR, hotel investor and owner-operator giant, and Island Capital Group LLC, international real estate merchant bank, have teamed up to acquire the iconic Sheraton New York Times Square Hotel. This property opened in 1962 and has over 60,000 square feet of sought-after New York City space: a location large enough to host the New York Democratic Convention.

The property is also the third-largest hotel in NYC by room count with 1,780 rooms. This $373 million acquisition comes after a successful joint venture acquisition of The Lexington Hotel. Between these two hotels, MCR and Island Capital have gained over 2,500 hotel guestrooms in the coveted NYC area. The Sheraton New York Times Square Hotel is intended to receive over $100 million more in investments from Island Capital and MCR to fuel renovations and modernizations in the rooms, banquet areas, and public spaces of the hotel.

MCR is a strong proponent of investing in NYC and will continue to invest into the eight NYC area hotels that they have opened over the last two years. Island Capital’s CEO Andrew L. Farkas expressed his hopeful vision of the future “to continue building [their] lodging and hospitality footprint in New York City alongside MCR, and [they] are confident that the City’s hospitality industry will continue to bounce back.”