Trending

Hong Kong investor poised to land $170M loan for Standard Hotel buy

Gaw Capital's purchase comes during a particularly cool time for NYC hotel deals

Standard Hotel and Gaw Capital Partners' Goodwin Gaw
Standard Hotel and Gaw Capital Partners' Goodwin Gaw

Gaw Capital Partners is obtaining a $170 million loan from Natixis to make one of the largest single-asset New York City hotel deals of the year: the $340 million purchase of the Standard Hotel.

Natixis, the French bank, is set to provide a 10-year acquisition loan and is shopping the B-note on the four-star hotel, sources said. The loan would comprise exactly half of the purchase price.

Goodwin Gaw, who runs the Hong Kong private equity fund Gaw Capital, was in late-stage talks in August to buy the 18-story, 338-room hotel at 848 Washington Street. Sources said Gaw has since entered contract.

The $340 million price is notably a step down from the $400 million the hotel management company Standard International was in contract to pay to sellers Dune Capital Management and Greenfield Partners in 2014. That deal didn’t go through.

Sign Up for the undefined Newsletter

The owners put the property on the market in May with a JLL team led by Jeffrey Davis and Gilda Perez-Alvarado.

“New York’s hospitality sector is a little out of favor at the moment,” Gaw told Forbes this week.

The 219,000-square-foot hotel, which opened in 2009, has a substantial food-and-beverage component. It’s home to the Standard Grill, Le Bain, Top of the Standard and the Standard Biergarten.

Neither Gaw nor Natixis could be reached for comment.

Earlier this year, Natixis provided $350 million in financing for Ivanhoe Cambridge’s purchase of 85 Broad Street and $250 million in CMBS debt for JEMB Realty’s 75 Broad Street. The bank also was one of the lenders on Extell Development’s $500 million construction loan for One Manhattan Square.

Recommended For You