NEW YORK CITY-Marriott International Inc. will open a new 452-room boutique hotel under its luxury Edition Brand that will be built in Times Square at 701 Seventh Ave.
The hotelier's plans were revealed in a statement by Boston-based Winthrop Realty Trust on Tuesday. Winthrop is part of the group that owns the 701 Seventh Ave. property, according to Bloomberg News. Winthrop and partners Witkoff Group and New Valley LLCacquired the property at the corner of 47th Street in 2012. The new owners were represented by the Carlton Group's chair Howard Michaels, who arranged a $815 million construction and mezzanine refinancing loan. The hotel will be the second Marriott Edition hotel in New York City.
In addition to the Marriott Edition hotel announcement, the ownership group reported they had reached a refinancing agreement on the site that included a new $237.5-million mortgage and a $315-million mezzanine loan. Winthrop kicked in an additional $32.5 million of equity to the deal, bringing its capital contributions to $85.9 million, the company stated.
Kasowitz Real Estate Group represented the borrower in the transaction that involved securing the construction loan for the project. The Kasowitz team was led by Douglas Heitner, and included Steven Coury, Harrison Kaufman, Ashley Lostritto and Christy Mazzola. See story at Bloomberg News.
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