The Real Deal New York

Starwood gets $125M refinancing on new 1 Hotel Central Park

Singapore-based bank provides loan for 229-key property that opened last month

September 16, 2015 12:30PM
By Mark Maurer Twitter_logo_blue copy

1 Hotel Central Park NYC

From left: Rendering of 1 Hotel Central Park (credit: Gwathmey Siegel Kaufman), Barry Sternlicht and Dustin Stolly

Starwood Capital Group obtained $125 million in refinancing for the new 1 Hotel Central Park, which opened last month, The Real Deal has learned.

Singapore-based United Overseas Bank provided the floating-rate loan for the 18-story, 229-key property at 1414 Sixth Avenue, near West 58th Street. The Midtown property is the second hotel in Starwood’s “eco-luxury” brand to open, after the 426-room 1 Hotel South Beach turned on the lights in March.

Rates start at $499 per night at 1 Hotel Central Park, designed by Gwathmey Siegel Kaufman & Associates.

In 2011, Starwood Capital, a Connecticut-based hotel development firm headed by Barry Sternlicht, bought an office building on the site from Murray Hill Properties for $72 million.

A JLL team led by Dustin Stolly, Jeffrey Davis and Kevin Davis represented Starwood in the financing.

The third hotel in the brand will also be in New York, at the 1 Hotel Brooklyn Bridge Park. That 193-room building is under construction and expected to open next year.

Earlier this year, the firm sold the Baccarat Hotel to Sunshine Insurance Group for a record $2 million per room, as well as the remaining 49.9 percent stake in Central Park South’s Hilton Garden Inn.

A representative for Starwood could not reached for comment.