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The Westin New York Grand Central receives $216M refinacing

Smith Hill Capital, the commercial real estate debt investment management business of Procaccianti Companies, and Bain Capital have jointly completed a $216 million refinancing for The Westin New York Grand Central.
Located in Midtown Manhattan on East 42nd Street, one block from Grand Central Terminal, the 774-key hotel features 18,750 sq. ft. of flexible meeting and event space, a full-service restaurant, a fitness center and valet parking. The property was acquired by its current ownership in 2019 and underwent extensive renovations in 2021.
“The Westin Grand Central is a flagship property in one of the world’s most dynamic lodging markets,” said Brendan McCormick, managing principal, Smith Hill Capital. “Its proximity to Grand Central Terminal and Midtown’s largest employers makes it a cornerstone asset for both business and leisure travel. Together with Bain Capital, we continue to pursue opportunities in premier urban markets as well as high-quality destination markets where we see consistent demand and long-term value creation potential.”
David DesPrez, partner, Bain Capital, added, “This transaction further demonstrates our ability to provide flexible and creative capital solutions for high-quality assets and borrowers. We are pleased to be selected as the partner of choice on this transaction and look forward to supporting the continued growth of this exceptional asset.”
JLL’s Hotels & Hospitality Group represented the sponsors in the transaction.
“We’re proud to have facilitated this successful refinancing, marking another milestone in our long-standing relationship with this exceptional asset,” said Kevin Davis, Americas CEO, JLL’s Hotels & Hospitality Group. “This transaction not only provides our client with enhanced financial flexibility but also demonstrates the continued investor confidence in premier Manhattan hospitality assets.”
The post The Westin New York Grand Central receives $216M refinacing appeared first on hotelbusiness.com.
Source: hotelbusiness.com

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