Highgate Holdings, in partnership with Ashkenazy Acquisitions Corporation and Crown Acquisitions, has acquired the historic Knickerbocker Hotel in New York, US, for $180.5m.

An adjacent 10,000sqft² lot in Manhattan was also included in the sale.

The new owners will undertake a comprehensive mixed-use redevelopment initiative and will redevelop the 300,000sqft² building into an upscale boutique hotel, according to hotelinteractive.com.

Highgate Holdings is a hospitality management and real estate investment company, Ashkenazy Acquisition Corporation is a private real estate investment firm and Crown Acquisitions is a real estate development firm based in North America.