Dealmaker: HFF Closes $503M Refinancing for Three Hotels

Holliday Fenoglio Fowler, Houston, closed a $503 million refinancing for three hotels totaling 1,049 rooms in New York, Miami and Washington, D.C.

A debt placement team including HFF Senior Managing Director Daniel Peek, Managing Directors Danny Kaufman and Christopher Peck, Senior Directors Jeff Bucaro, Scott Wadler and Chris Hew and associate Nicole Aguiar represented borrower Al Rayyan Tourism Investment Co., Qatar. The team placed three floating-rate loans with Mack Real Estate Credit Strategies, New York.

The Manhattan at Times Square Hotel received a $290 million loan, the St. Regis Bal Harbour Resort received $132 million and the St. Regis Washington, D.C. received an $81 million loan. Each loan carried a four-year term with one one-year extension option.

Developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail in 22 stories. Located at 790 7th Avenue in Midtown, the Times Square asset encompasses the entire city block from 51st to 52nd Street and 7th Avenue to Broadway. ARTIC will continue to operate the hotel while it finalizes plans for a high-end mixed-use tower. Once redeveloped, the new 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.

The St. Regis Bal Harbour in Miami Beach, Fla. is a 27-story Class A hotel with 192 hotel guest rooms and 24 condo-hotel units. Located 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 high-end shopping center with several restaurants and bars.

The St. Regis Washington, D.C. is a 172-room luxury hotel built 1926 as the Carlton Hotel. Listed on the National Register of Historic Places, the hotel has 25 suites with butler service and access to a complimentary house car and 11,200 square feet of meeting space. Located less than two blocks north of the White House, the hotel at 923 16th Street NW at the intersection of K Street NW and 16th Street NW is close to several national monuments.

In Eugene, Ore., Kaufman, Managing Director Danny Casey Davidson, Bucaro and Aguiar secured $71 million in financing to acquire and renovate the Hilton Eugene near the University of Oregon into the Graduate Eugene.

The team represented borrower AJ Capital Partners and placed the three-year floating-rate loan with two one-year extension options with Starwood Property Trust. Loan proceeds will go toward acquisition costs and the transformation and rebranding of the hotel into the Graduate Eugene.

The hotel will remain open during the renovations, which will include a complete overhaul of all guestrooms, corridors, lobby and common areas.

Constructed in 1982, the hotel currently has 274 guestrooms and can accommodate large conferences, meetings and banquets in the adjacent 30,000-square-feet conference center.