Starwood Hotels & Resorts is yanking the Sheraton flag from its 665-room Sheraton Manhattan at Times Square in New York.
The company said the property, which it owns, does not meet the upgraded standards of the Sheraton brand. Starwood is looking for a buyer or investor to help redevelop the property.
Sheraton is finishing a three-year, $6 billion dollar global overhaul. The Sheraton Manhattan at Times Square is one of 32 losing the Sheraton flag as part of the brand revamp.
"This property just really didn’t hold up in terms of guest satisfaction [and physical condition]," Starwood CEO Frits van Paasschen said.
Given the location, van Paasschen said the hotel would likely be turned into one of the company’s upper-upscale brands, but could be returned to the Sheraton portfolio.
The hotel covers a full city block bounded by Broadway, Seventh Avenue and 51st and 52nd streets near Times Square.
Starwood said it will begin operating the Times Square hotel as an independent in April. The hotel will remain part of Starwood’s Preferred Guest rewards program.
The Sheraton New York Hotel & Towers, the Sheraton brand’s flagship New York property, will launch a $90 million renovation later this year.
