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Westbrook buys CPS Ritz-Carlton stake for $105M
Westbrook Partners purchased a stake in the Ritz-Carlton hotel at 50 Central Park South, the International Business Times first reported. Seller Millennium Partners recouped $105 million for the 256-room hotel it first purchased for $88.8 million in 2006 from Macklowe Properties. Millennium still owns the Ritz-Carlton in Battery Park City.
The hotel was redeveloped from the St. Moritz, and the top 12 floors of the 33-story structure were converted into condominiums known as the Residences at the Ritz-Carlton, which are separately owned.
According to the New York Post, the deal was a recapitalization for Millennium, which also sold additional options and interests for $13.6 million, bringing the total value of the deal to $118.6 million. The $75 million mortgage on the property, held by Morgan Stanley, was also adjusted. [IBTimes] and [Post, 6th item]