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US Hotel Active Lenders: Sheraton Times Square Refinances for $260 Million

Philly Marriott Refinances for $215 Million; $52 Million for Hotel Construction in Florida; and More
The Sheraton New York Times Square was refinanced by Fortress Investment Group for $260 million. (CoStar)
The Sheraton New York Times Square was refinanced by Fortress Investment Group for $260 million. (CoStar)
Hotel News Now
November 16, 2023 | 2:10 P.M.

This roundup features the latest financing of U.S. hotel industry deals and projects.

Sheraton New York Times Square

Lender: Funds managed by affiliates of Fortress Investment Group LLC, brokered by JLL's Hotels & Hospitality Group
Borrower: MCR Hotels and Island Capital Group
Value: $260 million
Location: New York
Date of Loan: Nov. 15, 2023
Takeaway: The four-year, floating loan refinances $250 million in seller financing from the April 2022 acquisition of the 1,780-room hotel.

Philadelphia Marriott Downtown

Lender: Barclays, Wells Fargo and J.P. Morgan
Borrower: A joint venture between Oaktree Capital Management and Clearview Hotel Capital, brokered by JLL's Hotels & Hospitality Group
Value: $215 million
Location: Philadelphia
Date of Loan: Oct. 25, 2023
Takeaway: The fixed-rate refinancing for the 1,408-room hotel carries a five-year term and follows a three-year renovation.

The Perry Hotel

Lender: Hall Structured Finance
Borrower: FOD Capital
Value: $52 million
Location: Naples, Florida
Date of Loan: Oct. 2, 2023
Takeaway: The financing is for the construction of the 160-room hotel.

Hilton Garden Inn Atlanta Downtown

Lender: A European bank, brokered by PMZ Realty Capital
Borrower: Legacy Ventures
Value: $40 million
Location: Atlanta, Georgia
Date of Loan: Oct. 24, 2023
Takeaway: The refinancing via a five-year, interest-only loan pays off the existing debt and provides reserves for a future property improvement plan.

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