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Starwood Hotels & Resorts has sold the Manhattan at Times Square Hotel in New York for $275 million in cash.

The buyers — Rockpoint Group, Goldman Sachs and Highgate Holdings — have decided to operate the 665-room hotel as an independent property managed by Highgate.

In 2010, Starwood removed the Sheraton flag from the hotel. With a sale completed, the hotel no longer will be affiliated with Starwood.

“With all nine of our brands already well-represented in New York City across approximately 9,000 rooms, we believe this sale presented the best value for our shareholders," said Simon Turner, Starwood’s president of global development.