IHG scores $290M to refi Midtown East hotel

Deutsche is the lender on the 14-story property at 111 East 48th

TRD New York /
Apr.April 20, 2017 06:50 PM

Intercontinental Hotels Group secured $290 million to refinance the New York Barclay hotel in Midtown East, according to property records filed with the city Thursday.

Deutsche Bank is the lender on the 14-story hotel at 111 East 48th Street. The loan includes $7 million in new financing, and replaces the remaining balance of $283 million in previous loans from the same lender, records show.

In late 2013, IHG sold an 80 percent share in the hotel to an affiliate of the Qatari investor Constellation Hotels Holding for $240 million. As part of the agreement, IHG secured a management contract on the hotel for 30 years.

That same year, IHG announced it planned to build an 83,000-square-foot, 204-room hotel in Downtown Brooklyn.

The mortgage document was signed by InterContinental’s Travis Ray, according to LinkedIn.

Representatives for IHG and Deutsche Bank could not be immediately reached for comment.

(To view more hotel financing transactions, click here)


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(Getty)

NYC zoos, aquarium plan to reopen this month

NYC zoos, aquarium plan to reopen this month
From left: MetaProp’s Aaron Block, Domio’s Jay Roberts, Homelight’s Drew Uher, FrontDesk’s Jesse DePinto, Serendipity Labs’s John Arenas and Knotel’s Amol Sarva (Linkedin, iStock, Sarva by Sasha Maslov)

VC or PPP? Some proptech firms got both

VC or PPP? Some proptech firms got both
346 Madison Aveue (Google Maps, iStock)

Bidders line up to buy Brooks Brothers out of bankruptcy

Bidders line up to buy Brooks Brothers out of bankruptcy
Retired tennis superstar Chris Evert sells Boca Raton estate

Retired tennis superstar Chris Evert sells Boca Raton estate

Retired tennis superstar Chris Evert sells Boca Raton estate
Robert De Niro and 377 Greenwich Street (Getty, Google Maps)

Robert De Niro says Nobu, Greenwich Hotel are struggling

Robert De Niro says Nobu, Greenwich Hotel are struggling
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...