Starwood scores $163M loan for 1 Hotel Central Park

Loan comes from United Overseas Bank, which provided $37.5M in new financing

May.May 22, 2018 01:35 PM

1 Hotel Central Park and Barry Sternlicht (Credit: 1 Hotels)

Barry Sternlicht’s Starwood Capital  has landed a $162.5 million loan from Singapore-based United Overseas Bank for its hotel at 1414 Sixth Avenue, according to property records.

The hotel, known as 1 Hotel Central Park and located right by Central Park South, stands 18 stories tall and contains 229 rooms, and United Overseas Bank provided Starwood with $37.5 million in new financing for the project.

Starwood purchased the Midtown building in 2011 for $72 million with plans to turn it into a hotel, which opened in 2015. The company received $125 million in refinancing for the project from United Overseas Bank that year shortly after the hotel opened.  Starwood then looked to sell the hotel in 2016, although a deal never materialized.

The hotel is part of a trio in the “eco-luxury” brand, which also includes 1 Hotel Brooklyn Bridge and 1 Hotel South Beach in Miami.

Representatives from United Overseas Bank and Starwood did not respond to requests for comment.

Starwood is headquartered in Miami, and The Real Deal recently reported that the company hopes to develop a new Miami Beach headquarters for employees to move into by 2021, although the address of this new building remains unclear.

The company is also reportedly interested in buying LaSalle Hotel Properties, which owns 41 hotels across the country.

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