RLJ Development has acquired the Doubletree Metropolitan Hotel in Manhattan, New York, US, for $335m from a group comprising Highgate Holdings, Goldman Sachs Group, Whitehall Real Estate Funds and Rockwood Capital.
The group bought the 755-room hotel in 2003 for $110.5m and spent $35m renovating it, according to The Wall Street Journal.
RLJ will pay $135m in cash and $200m of new debt for the property.
In a separate deal, Black Entertainment Television, a unit of RLJ Development, acquired the Renaissance Hotel, Downtown in Pittsburgh for $45.4m.
The 291-room hotel underwent a $45m renovation in 2001 when it was acquired by Sage Hospitality Group, which will continue to manage the property.
Interior work worth $5m is underway at the hotel, while renovations of the guest rooms, lobby, restaurant and bar have been completed. The next phase of renovation will involve the bathrooms, corridors and meeting spaces.