A trio of investors snapped up the InterContinental New York Times Square in another nine-figure bet on New York’s luxury hotel market. Highgate, Gencom and Argent Ventures closed on a deal to buy the 36-story, 607-room property for roughly $230 million from a joint venture between Tishman Realty and Metlife Investment Management, The Real Deal has learned. Monroe Capital provided a $190 million loan for the purchase. Eastdil Secured advised the seller and arranged the debt. The sale marks another large-scale hospitality trade in a market finding its footing after years of uneven recovery. Tourism has roared back and revenues […]

This article originally appeared on The Real Deal. Click here to read the full story.