MCR Hotels and Island Capital Group have secured a $260 million refinancing of the Sheraton New York Times Square. The four-year, floating-rate loan replaced $250 million in seller financing, signaling confidence from Fortress Investment Group LLC’s affiliates.
“The hotel’s performance has rebounded since we acquired the hotel, which we believe is a testament to the strength of New York City’s lodging market. We are looking forward to working with Island and Fortress over the next several years to reinforce the Sheraton’s position as one of Manhattan’s leading hotels,” said Tyler Morse, Chairman and Chief Executive Officer of MCR.
Situated at 811 7th Ave in Midtown Manhattan, the Sheraton offers 61,800 square feet of meeting space, a 23,000-square-foot ballroom, and diverse amenities. JLL arranged the financing with a team led by Kevin Davis, Mark Fisher and Russell Freed.