Natixis Lends $285,000,000 for Portfolio of Manhattan Hotels
Natixis Real Estate Capital LLC provided $285,000,000 of acquisition financing to a joint venture of Cindat Capital Management Limited and Hersha Hospitality Trust for seven hotels totaling 1,087 rooms in Manhattan.
The hotels include the Holiday Inn Express Times Square (210 rooms), the Candlewood Suites Times Square (188 rooms), the Hampton Inn Times Square (184 rooms), the Hampton Inn Chelsea (144 rooms), the Hampton Inn Herald Square (136 rooms), the Holiday Inn Wall Street (113 rooms) and the Holiday Inn Express Wall Street (112 rooms).
The seven hotels are located within the most desirable commercial and leisure submarkets of Times Square, Midtown West, and Lower Manhattan and benefit from significant year-round demand. In addition, these properties are proximate to key growth neighborhoods undergoing major development, including Hudson Yards in Midtown West and the World Trade Center in Lower Manhattan.
The financing was arranged by Cushman & Wakefield’s New York hospitality team.