BETHESDA, Md. – Host Hotels & Resorts, Inc. today announced that it has entered into an agreement to purchase the fee simple interest in the 775-room New York Helmsley Hotel at a purchase price of $313.5 million. The hotel is located in the heart of midtown Manhattan, and benefits from its oversized guestrooms and close proximity to Grand Central Station, the United Nations Headquarters, the Midtown Tunnel and the Chrysler Building.
At closing, Starwood Hotels and Resorts Worldwide, Inc. will take over the management of the property as an unbranded hotel. The hotel will undergo significant property improvements including complete guestroom and guest bath renovations, as well as upgrades to the meeting space. The Westin brand will be added to the hotel upon completion of the property improvements, which is projected to be early to mid-2012. The transaction is expected to close in late March 2011, and is subject to various closing conditions. CB Richard Ellis Group, Inc. represented the seller on the transaction.