Host Hotels and Resorts is to buy the New York Helmsley hotel, in midtown Manhattan, New York, US, from Leona Helmsley for $313.5m.
The 775-room property is located near Grand Central Station, the United Nations Headquarters, Midtown Tunnel and the Chrysler Building.
Host Hotels will make improvements to the property’s guestrooms, bathrooms and meeting space.
The renovation is expected to be complete by mid-2012. Following the renovation, the hotel will be managed as a Westin-brand hotel.