MCR Investors LLC and Island Capital Group LLC acquired Sheraton New York Times Square Hotel from Host Hotels & Resorts, Inc. (NasdaqGS:HST) for approximately $370 million on April 19, 2022. The purchase price equates to $210,000 per guestroom. In connection with the sale, the company is providing a $250 million bridge loan to the purchaser. The deal represents a 28.0x EBITDA multiple on 2019 EBITDA. The EBITDA multiple includes approximately $136 million of estimated foregone capital expenditures over the next five years. The Sheraton New York Times Square Hotel will remain part of the Sheraton brand family under a new long-term franchise agreement and will be managed by MCR.

MCR Investors LLC and Island Capital Group LLC completed the acquisition of Sheraton New York Times Square Hotel from Host Hotels & Resorts, Inc. (NasdaqGS:HST) on April 19, 2022.