NEW YORK CITY-Jones Lang LaSalle and Jones Lang LaSalle Hotelssaid Friday they had closed a $92.5-million senior loan on the460-key Hilton Times Square. Sunstone Hotel Investors’ existingloan on the property was set to mature next month.
Matthew Comfort, SVP for real estate investment banking at JLL,says in a release the loan will be used to repay the existing$81-million debt, which carries an interest rate of 5.95%. The new10-year fixed rate through Bank of America Merrill Lynch has aninterest rate below 5%.
JLL Hotels EVP Jeffrey Davis says in a release that therefinancing provides “a true indication that lenders are activelyseeking to place debt on high-quality, well-located hotels. TheHilton Times Square is a trophy hotel asset located in the heart ofTimes Square within the top lodging market in the country withsolid sponsorship in Sunstone Hotel Investors. As such, it garnereda great deal of attention from potential lenders.” Davis andComfort led the JLL team on the deal.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
