Novotel Hotel Time Square to be renovated after changing ownership

The Novotel Times Square Hotel in New York City has been sold for about 92 million US dollars and the new owner is planning on giving it a 115 million dollars renovation. Time Square, the well known intersection in the heart of Manhattan at the junction of Broadway and Seventh Avenue is one of New York City’s landmarks, a huge tourist attraction and renowned around the world as “The Crossroads of the World” or the “The Great White Way”.

 

Time Square NY city

by Asterio Tecson / flickr

Major players in the hotel business seem to have discovered the benefits of owning a venue right in one of the world’s busiest pedestrian intersections and a major center of the world’s entertainment industry.

The buyer and now new owner is a joint venture formed by Chartres Lodging Group and Apollo Global Management. Accor, the French hospitality group that owns the Novotel brand, only sold this particular New York hotel as part of what they called an asset management strategy. Opened in 1984, the 480-room hotel will keep the same name, Novotel. Situated on the corner of 52nd Street to Broadway, the hotel offers scenic round the clock views of the lively Time Square.

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The renovation the new owners have promised, which costs a little more than the hotel itself, will be used for a new heating and air conditioning system, redone guest rooms and other works to public areas and the Terrace Bar that overlooks Times Square. The hotel will remain open during the renovation works.

 

Novotel Hotel

by niall62 / flickr





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