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ARTIC Acquires Majority Stake in The Manhattan at Times Square

NEW YORK—Al Rayyan Tourism and Investment Co. (ARTIC), the hospitality subsidiary of Al Faisal Holding Co.,has acquired 97% of The Manhattan at Times Square Hotel.

Built in 1962, the 22-story property features 689 rooms and suites, commercial space and is located at 790 Seventh Ave.

H.E. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, commented: “Since the creation of ARTIC in 2003, our objective has been to have a presence in major cities around the world through high-quality investments. ARTIC’s success and sustainable growth stems from its balanced, long-term investment strategy, and I am delighted with this acquisition, which represents an important addition, bringing our current portfolio to 24 premium hotels and resorts.”

A major renovation is planned that will include additional retail space, according to the company.