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IHG scores $290M to refi Midtown East hotel

People & Companies / Latest News

United States of America

Apr 21 2017

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Miriam Hall

Intercontinental Hotels Group secured $290 million to refinance the New York Barclay hotel in Midtown East, according to property records filed with the city Thursday.

Deutsche Bank is the lender on the 14-story hotel at 111 East 48th Street. The loan includes $7 million in new financing, and replaces the remaining balance of $283 million in previous loans from the same lender, records show.

In late 2013, IHG sold an 80 percent share in the hotel to an affiliate of the Qatari investor Constellation Hotels Holding for $240 million. As part of the agreement, IHG secured a management contract on the hotel for 30 years.

That same year, IHG announced it planned to build an 83,000-square-foot, 204-room hotel in Downtown Brooklyn.

The mortgage document was signed by InterContinental’s Travis Ray, according to LinkedIn.

Representatives for IHG and Deutsche Bank could not be immediately reached for comment.

SOURCE: The Real Deal

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