The Lam Group secured a $68 million refinancing of its Sheraton hotel in Downtown Brooklyn, property records show.
The loan package from U.S. Bank includes a gap mortgage of $4.8 million, and it takes over a previous loan from US Bank, according to Lam Group CEO John Lam. The bank had loaned it $70 million for the hotel in 2013.
The Sheraton at 228 Duffield Street stands 25 stories tall and has 321 rooms. The Lam Group has multiple other hotels in New York City and plans to open its 465-key Virgin Hotel in NoMad in January. The company received a $222 million loan for it in 2016 from the Shanghai Commercial Bank.
Manhattan’s hotel market recently showed signs of life after a lengthy freeze, with revenue per available room turning positive at the end of 2017 for the first time in two-and-a-half years, according to a PricewaterhouseCoopers report.