Starwood announced it has completed the sale of the 665-room Manhattan at Times Square Hotel in New York City to affiliates of Rockpoint Group, Goldman Sachs' Real Estate Principal Investment Area, and Highgate Holdings for $275 million in cash.

The property, located on Seventh Avenue between 51st and 52nd Streets, will be managed by Highgate Holdings as an independent hotel unaffiliated with Starwood Hotels & Resorts.

"As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices to best create value for our shareholders, and this sale of a non-strategic asset is consistent with that strategy," said Simon Turner, President of Global Development, Starwood Hotels & Resorts Worldwide, Inc.

"In 2010, we removed the Sheraton flag from the Manhattan at Times Square property as part of our ongoing commitment to the revitalization of the Sheraton brand in North America and began a rigorous process to evaluate all value-maximization options for this asset. With all nine of our brands already well-represented in New York City across approximately 9,000 rooms, we believe this sale presented the best value for our shareholders."