The Park Central LaSalle Hotel Properties said it closed on the acquisition of Park Central hotel in Manhattan for $396.2 million, or about $425,000 per key. LaSalle, Bethesda, Md.-based real estate investment trust, said the closing price represents a $9.3 million reduction from the original price of $405.5 million. The company said the current price was calculated based on Park Central’s income after debt service since Sept. 2, 2011. LaSalle financed the deal with available cash, borrowing from a senior unsecured line of credit and by issuing 296,300 operating partnership units. [more]

Bruce Eichner and the Manhattan Club

Five timeshare owners in the Manhattan Club in the Park Central Hotel at 200 West 56th Street, a timeshare condominium resort, are suing developer Bruce Eichner and the club’s other owners for fraud and “breach of implied covenant of good faith and fair dealing,” according to court documents, Crain’s reported.

The timeshare owners allege that Eichner is not granting them access to their timeshares, despite booking up to nine months in advance, and is instead renting them out to the general public.

“Through a coordinated and uniform marketing strategy, defendants fraudulently create and maintain the impression that access to and beneficial use of timeshare units in the Manhattan Club is completely or almost completely limited to timeshare ownership interests,” the court filing says, but the reality is allegedly otherwise. [more]

While commercial real estate experts predict a rise in distressed securitized loans for New York City over the next year, new data shows the number of assets added to the tally last month actually fell. The quantity of loans transferred to special servicers dropped sharply last month, and those placed on servicer watchlists declined slightly, new data provided by financial tracking firm Trepp to The Real Deal shows. Only three New York City loans were transferred to a special servicer in September, down from 13 the month before, the figures indicate. At the same time, the volume of assets placed on a servicer’s watchlist fell slightly to 40 from 50 the month before. [more]