Another Helmsley Property Sold Off

The estate of Leona Helmsley has reached a deal to sell the New York Helmsley hotel to Host Hotels & Resorts Inc. for more than $310 million in the latest move the estate is taking to liquidate the real-estate empire Harry Helmsley took decades to build, according to people familiar with the matter.

Host, owner of 104 luxury and upscale hotels, prevailed in a lengthy bidding process for the hotel on East 42nd Street. The company plans to spend more than $50 million renovating it, people said.

A spokesman for the estate wasn't immediately available for comment

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