Year-to-date through July, hotel prices fell 4.4 percent, retail prices 2.8 percent office prices 0.9 percent, according to Real Capital Analytics.
The REIT plans to transfer the branding and management of the 103 hotels to Sonesta International Hotels Corp. by December.
In the case of the Times Square Edition, the pandemic exacerbated existing problems, including a market glut and troubles leasing its retail component.
For many new hotels, the decision to open is one that’s been years—and millions of dollars—in the making.
Some segments of the market, such as smaller, drive-to leisure hotels, have seen an uptick in demand. Others continue to struggle.
The company first announced its $17 billion acquisitions more than a year ago.