San Clemente-based hotel owner Sunstone Hotel Investors Inc. is paying $68.5 million to buy a Times Square hotel as part of a venture with the real estate investment arm of Goldman Sachs & Co.
Sunstone and Whitehall Street Global Real Estate LP are buying the 460-room Doubletree Guest Suites Hotel at 47th Street and Broadway.
Based on Sunstone’s 38% stake, the buy is valued at $175 million.
The deal is Sunstone’s second in midtown in 2006. In March, Sunstone paid $243 million for the Hilton Times Square.
