Westbrook gets $280M refi for Ritz on CPS

The loan will retire an earlier loan and make way for a renovation

New York /
Apr.April 12, 2018 03:20 PM

The Ritz Carlton Central Park South and Westbrook’s Sush Torgalkar

Westbrook Partners landed a $280 million loan to refinance the Ritz-Carlton at 50 Central Park South, ahead of a planned renovation next year.

Delaware Life Insurance Company, Korean lender Nonghyup Bank and others provided the financing, which will include a $67.5 million gap, according to property records and the Korea Economic Daily.

The loan will also pave the way for a renovation and will allow Westbrook to retire a previous $135 million loan taken from Delaware Life in 2015.

Until 1999, the hotel was operated as the Hotel St. Moritz, before undergoing a renovation and reopening in 2002 as the Ritz-Carlton, which operated the lower 12 floors. The upper 13 floors are privately owned.

Westbrook acquired a controlling stake for $105 million in 2012 from Millennium Partners, which retained an interest in the 259-room building. Last year, the firm began searching for about $300 million in financing.

The company has added a handful of properties to its portfolio in recent years, including major stakes in office buildings at 1375 Broadway and 31 Penn Plaza in 2015. This came six months after its $60 million acquisition of the Standish Hotel in Brooklyn Heights. [Korea Economic Daily]David Jeans


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
NJ construction official accused of siphoning funds from developers’ account
NJ construction official accused of siphoning funds from developers’ account
NJ construction official accused of siphoning funds from developers’ account
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
Vorea, Domain and L+M close on $88M LIC development site
Vorea, Domain and L+M close on $88M LIC development site
Vorea, Domain and L+M close on $88M LIC development site
Condor Hospitality CEO J. William Blackham and Blackstone CEO Stephen Schwarzman (Condor, Getty)
Condor Hospitality selling hotels to Blackstone for $305M
Condor Hospitality selling hotels to Blackstone for $305M
Comptroller Scott Stringer (Getty)
City landlords’ tax delinquencies approach Great Recession levels
City landlords’ tax delinquencies approach Great Recession levels
Valley National CEO Ira Robbins and Bank Leumi USA CEO Avner Mendelson (Getty, Valley National, Bank Leumi)
Valley National acquiring Bank Leumi USA for $1.1B
Valley National acquiring Bank Leumi USA for $1.1B
arrow_forward_ios

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

Loading...