Hersha gets $55 million in financing for Hyatt Union Square

Rendering of the Hyatt Union Square Hotel
Rendering of the Hyatt Union Square Hotel

Hersha Hospitality Trust has completed a $55 million floating rate loan provided by Natixis Real Estate Capital for its Hyatt Union Square Hotel, Cushman & Wakefield announced today. 

Jared Kelso and Ernest Lee of C&W represented Hersha.

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“This transaction demonstrates the robust appetite of balance sheet lenders for hospitality product,” Kelso said in a statement. “The Hyatt Union Square will accommodate an under-served lodging submarket in Manhattan and demonstrates Hersha’s continued ability to source unique acquisition opportunities.”

The 178-room hotel, at 134 Fourth Avenue between 12th and 13th streets, will open on April 22, the statement said. –Hayley Kaplan