Dubai’s sovereign wealth fund refinanced the hotel portion of 80 Columbus Circle, loan documents filed with the city Tuesday show.
Bank of China lent $130 million against the Residences at the Mandarin Oriental, a five-star hotel. The debt replaced an existing mortgage from the same bank plus $35 million in new financing.
The loan was signed by Khalifa Al Daboos, the deputy chief executive officer of the Investment Corporation of Dubai. The fund acquired a 73 percent stake in the hotel in 2015, according to Bloomberg and company regulatory filings. That stake was previously acquired by Dubai World, another government-owned investment fund, for $345 million in 2007, according to the New York Post. Representatives for Investment Corporation of Dubai and Bank of China could not immediately be reached.
The 55-floor tower at 80 Columbus Circle also contains 64 condominium apartments.