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The Manhattan at Times Square Hotel,
New York, NY |
CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF)
announces a $503 million refinancing for three prominent hotels totaling 1,049
rooms in New York, Miami and Washington, D.C.
The HFF team worked on behalf of the borrower, Qatar-based Al
Rayyan Tourism Investment Company (ARTIC), to place three floating-rate loans
with Mack Real Estate Credit Strategies: a $290 million loan for The
Manhattan at Times Square Hotel, a $132 million loan for the St. Regis
Bal Harbour Resort and an $81 million loan for the St. Regis Washington,
D.C. Each loan carries a four-year term with one one-year
extension.
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| St. Regis, Washington, DC |
Originally developed in 1952, The Manhattan at Times Square Hotel
houses 685 rooms and 9,100 square feet of retail in its 22 stories. The
hotel is in Times Square at 790 7th Avenue and encompasses the entire city
block from 51st to 52nd Street and 7th Avenue to Broadway.
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| St. Regis Bal Harbour Resort, Bal Harbour, FL |
ARTIC
will continue to operate the hotel on an as-is basis while it finalizes plans
for a best-in-class mixed-use tower. Once redeveloped, the nearly
1,500-foot-tall building will include 44,000 square feet of LED signage
wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150
luxury condominium residences.
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| Daniel C. Peek |
The St. Regis Bal Harbour is a 27-story luxury hotel with 192
hotel guest rooms and 24 condo-hotel units.
The hotel features the Remède
Spa, two beach and oceanfront pools, a state-of-the-art fitness suite, business
center, 11,200 square feet of meeting space plus a 7,800-square-foot ballroom,
St. Regis Bentley, butler service, St. Regis Kid’s Club and multiple food and
beverage outlets, including Atlantikós, BH Burger Bar, The St. Regis Bar &
Sushi Lounge and La Gourmandise.
Situated at 9703 Collins Avenue on the northern
point of Miami Beach at the intersection of 96th Street and Collins Avenue, the
hotel is across the street from the Shops at Bal Harbour, a luxury shopping
center with several high-end restaurants and bars.
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| Jeff Bucaro |
The St. Regis Washington, D.C. is a 172-room luxury hotel that was
originally constructed in 1926 as the Carlton Hotel.
Listed on the
National Register of Historic Places, the hotel features 25 suites with butler
service and complimentary house car, 11,200 square feet of meeting space,
business center, afternoon tea, 24-hour fitness center, bicycle rental and two
food and beverage outlets, the St. Regis Bar and the Alhambra Restaurant.
Located less than two blocks north of the White
House, the hotel is at 923 16th Street NW at the intersection of K Street NW
and 16th Street NW minutes away from the nation’s most prized monuments and
nationally renowned colleges and universities in addition to direct access to a
multitude of local, national and international transportation hubs.
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| Nicole Aguiar |
The HFF debt placement team representing the borrower consisted of
senior managing director and head of HFF’s hotel group Daniel C. Peek;
managing directors Danny Kaufman and Christopher Peck; senior directors Jeff
Bucaro, Scott Wadler and Chris Hew; and associate Nicole Aguiar.
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| Scott Wadler |
“It was a privilege to work with the team at ARTIC to refinance
these extraordinary assets,” Kaufman said. “We are looking forward to
assisting ARTIC in subsequent financing assignments as they continue to
effectuate their business plan surrounding the redevelopment of The Manhattan
Times Square property.”
On behalf of Al Rayyan Tourism Investment Company, Tarek M. El
Sayed, managing director and CEO commented: “As one of the leading
international hospitality investment companies, our strategy is focused on
increasing the value of our hotel portfolio by improving operational efficiency
and quality of service while enhancing and developing the properties we acquire
to optimize and build new revenue streams.
"The refinancing announced today reflects
the quality of our asset base and further reduces our financing costs as we
execute on that strategy.
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| Chris Hew |
"This will help reinforce the market
leading positions of our iconic luxury hotels in New York, Chicago, Miami and
Washington, D.C., which form the core of our current U.S. portfolio, to provide
an even stronger platform for expansion as we continue to seek more investment
opportunities across the U.S.”
Established in 2003, Al Rayyan Tourism and Investment Company
(ARTIC), is one of the leading investment companies engaged in real estate
development, acquisition and leasing with a primary focus on the hospitality
sector and hospitality-related services both in Qatar and overseas.
ARTIC’s current portfolio comprises 24 hotels
and projects in the MENA, Europe and North America. In addition to its
hotel portfolio in prime cities around the world, ARTIC owns
hospitality-related services providing cost-effective support services in a
shared service model, including laundry, catering and procurement services.
Mack Real Estate Credit Strategies, L.P., the Mack real estate
credit business, was established to be a one-stop shop for borrowers with
transitional assets, in particular to provide capital for deals that
traditional banks are less likely to finance due to increased regulation, or
complexity and execution risk that are better suited to an integrated real
estate firm.
MRECS
focuses on properties in need of flexible capital and sponsors seeking an
experienced, sophisticated real estate lending partner.
For more information, please contact:
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
