New York’s Milford Plaza has been sold to investors who plan a complete renovation of the "Lulla-buy of Broadway."
The hotel partially reopened on Nov. 12, about 10 days after the sale closed. It had been shuttered since last December.
Rockpoint Group and Highgate Holdings bought the property for $230 million, according to a news report from PERE News that was posted on Rockpoint’s Web site.
The partners will invest more than $75 million to renovate the historic 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 "Lulla-buy 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 buyers did not give any details on their final plans for the hotel.
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.
CORRECTION: The Milford Plaza reopened partially on Nov. 12.