JLL’s Hotels & Hospitality Group announced today that it has arranged a new floating-rate loan to refinance the 774-key Westin Grand Central in New York City.
JLL represented the borrower, a global investment management firm, to secure the loan from funds managed by Apollo. The global investment management firm has owned the hotel since January 2019.
Located at 212 East 42nd St., the Westin Grand Central is strategically situated in the heart of Midtown Manhattan, one block from Grand Central Station. Built in 1981, the property is an institutional-quality hotel with 13,000 square feet of meeting space, a vibrant restaurant and lobby bar, a well-appointed fitness center and a 144-space parking deck.
The JLL team was led by Hotels & Hospitality Group Americas CEO Kevin Davis and Managing Director Mark Fisher.
The financing represents an endorsement of the NYC hospitality market. According to Kevin Davis, Americas CEO of JLL Hotels, “We are in the midst of a strong recovery in New York City, and the market’s positive response to this financing is reflective of improved capital markets sentiment around New York. We are seeing a similarly strong dynamic across several New York City transactions that we are closing, which we expect to continue with the recovery of group, business transient and foreign travel demand.”
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling $83 billion worldwide. The group’s 370-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.
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