New York's Milford Plaza hotel has been sold to investors who plan a complete renovation of the "Lullabuy of Broadway."
Rockpoint Group and Highgate Holdings bought the property for $230 million, according to a report posted on Rockpoint's website.
The partners will invest more than $75 million to renovate the building, which takes up a full city block on Eighth Avenue between West 44th and West 45th streets.
The 1,300-room hotel was bought by the Milstein family in 1978 and became popular with tourists despite its location in what for years was one of Times Square's seedier neighborhoods.
Its popularity was fueled in part by a catchy jingle used in national advertisements that heralded the hotel as the "Lullabuy of Broadway."
The hotel continued to draw large tour groups until it was shuttered last December for badly needed renovations. Initially, the Milstein family indicated it planned to make the improvements but then put the hotel up for sale earlier this year.
The property partially reopened on Nov. 12.
Times Square has been a hotbed for hotel development in recent years. Among the latest properties to open in the area: the new Manhattan flagship for the luxury InterContinental brand.
Hotels in New York have fared better than the rest of the country through the downturn. Occupancy at Manhattan hotels in October was 87%, significantly higher than the national average of 61.3%, according to Smith Travel Research. Rates are up 14% from last year, compared to a 1.2% increase nationally.