Maefield Development has acquired the entire leasehold interest for DoubleTree Suites by Hilton-Times Square, at 1568 Broadway, from a subsidiary of Sunstone Hotel Investors Inc., for $540 million.
Maefield, a privately owned real estate company, said it considers Times Square the “most important pedestrian urban space in North America” and plans to redevelop the 468-room property into a premiere tourist destination. The company is also a stakeholder in the 20 Times Square Hotel that stands across the street from the DoubleTree.
