Bain Capital and Smith Hill Capital’s US hospitality real estate lending partnership has completed a $216m (€184m) refinancing for the 774-key Westin New York Grand Central Hotel.
The Westin New York Grand Central hotel was acquired by Davidson Kempner Capital Management in 2019 and underwent extensive renovations in 2021.
Brendan McCormick, managing principal at Smith Hill Capital, said: “The Westin Grand Central is a flagship property in one of the world’s most dynamic lodging markets. 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 at Bain Capital, said: “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 and hospitality group represented the sponsors in the transaction.
Kevin Davis, Americas CEO of JLL’s hotels and hospitality group, said: “We’re proud to have facilitated this successful refinancing, marking another milestone in our long-standing relationship with this exceptional asset.
“This transaction not only provides our client with enhanced financial flexibility but also demonstrates the continued investor confidence in premier Manhattan hospitality assets.”
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