Bain Capital and Smith Hill Capital鈥檚 US hospitality real estate lending partnership has completed a $216m (鈧�184m) refinancing for the 774-key Westin New York Grand Central Hotel.
The Westin New York Grand Central hotel was and underwent extensive renovations in 2021.
Brendan McCormick, managing principal at Smith Hill Capital, said: 鈥淭he Westin Grand Central is a flagship property in one of the world鈥檚 most dynamic lodging markets. Its proximity to Grand Central Terminal and Midtown鈥檚 largest employers makes it a cornerstone asset for both business and leisure travel.
鈥淭ogether 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.鈥�
David DesPrez, partner at Bain Capital, said: 鈥淭his 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.鈥�
鈥檚 hotels and hospitality group represented the sponsors in the transaction.
Kevin Davis, Americas CEO of JLL鈥檚 hotels and hospitality group, said: 鈥淲e鈥檙e proud to have facilitated this successful refinancing, marking another milestone in our long-standing relationship with this exceptional asset.
鈥淭his transaction not only provides our client with enhanced financial flexibility but also demonstrates the continued investor confidence in premier Manhattan hospitality assets.鈥�
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