LaSalle Hotel Properties is to acquire the Park Central Hotel in New York, US, for $405.5m from an undisclosed seller.
The 934-room hotel is located on Seventh Avenue, between West 55th and West 56th Streets in midtown Manhattan.
The transaction is expected to be completed by the end of the third quarter of 2011. The hotel will continue to be managed by Highgate Holdings.
Following the transaction LaSalle will renovate the property at a cost of $40m next year, including guestrooms, bathrooms, corridors and the lobby.
The hotel features two food and beverage outlets, a lobby lounge, 1,301m² of meeting space and 446m² of retail space.