Hampshire Hotels & Resorts has been granted a modification of its $77.6 million mortgage on the 334-room Best Western President hotel in Times Square, allowing for rate relief and one-year extension options.
The 16-story hotel at 234 West 48th Street is one of many struggling to raise prices for rooms while maintaining high occupancy rates. The lender approved Hampshire’s request from June to change the loan arrangement – as well as the hotel’s change of brand to Tryp by Wyndham.
“A $7.5 million principal payment was remitted,” a spokesperson for Trepp LLC told the Wall Street Journal. “Occupany at the hotel has increased. However, the borrower has not been able to increase rates.”