Sheraton sells Manhattan property.

[drron]

In what I see as a good sign Sheraton is selling its more down market properties and letting them go.
HOTELSMag.com

Starwood Hotels & Resorts Worldwide announced on Wednesday that it sold the 665-room Manhattan at Times Square Hotel for US$275 million in cash.
“As we continue our transition to an asset-light model, we continue to look for opportunities to sell our owned hotels at attractive prices, and this sale of a non-strategic asset is consistent with that strategy,” said Simon Turner, Starwood’s president of global development. “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.”