NEW YORK CITY—Chartres Lodging Group LLC, the San Francisco hotel investment and advisory firm, and Apollo Global Real Estate Management L.P., the global real estate investment management group of Apollo Global Management LLC, have formed a partnership and completed the purchase of the Novotel New York Times Square.

The partners will proceed with plans to renovate the 480-room hotel. The property was purchased from a subsidiary of Accor Business and Leisure Management LLC, who will continue to operate the hotel under a long-term management agreement under the Novotel flag.

Plans call for a renovation and repositioning over the next 18 months. “We will execute a complete modernization of the Novotel New York Times Square—including installation of a 4-pipe HVAC system, a full guestroom renovation and a transformation of the public areas and Terrace Bar overlooking Times Square. We will also be adding Sky Boxes—for meeting rooms overlooking Broadway—two suites and a new fitness center,” said Maki Nakamura Bara, president & co-founder of Chartres Lodging.

The Novotel Times Square is located in the heart of midtown Manhattan, within walking distance to the city’s best attractions including Times Square, Broadway, Central Park, Rockefeller Center and some of the best shopping on Fifth Avenue.