Westbrook Partners

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funding its buy of the Union Square W Hotel The company paid $165M for the property

W Union Square at 201 Park Avenue South (Credit: Wikipedia)

Westbrook Partners has secured a $100 million loan to fund its purchas上海贵族宝贝交流区

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e of the W New York Union Square hotel.

HSBC is providing the loan for the 20-story building at 201 Park Avenue, according to Commercial Observer. The loan amount will cover 60 percent of the $165.5 million Westbrook paid for the building. The Real Deal reported when the company was close to signing a hard contract in May.

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Westbrook paid $20 million less than what its previous owner Host Hotels Resorts paid in 2010. The 205,000-square-foot Beaux-Arts building was built in 1911 and is occupied by 270 rooms. Under Westbrook, the hotel will lose its W Hotels flag,上海千花网交友

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leaving only two remaining W-branded hotels in the city: Times Square, at 1567 Broadway, and Downtown, at 8 Albany St上海夜网论坛

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reet.

Earlier this year Capstone Equities and Highgate closed on the $190 million purchase of the W on Lexington Avenue, which they renamed the Maxwell.  [CO] — David Jeans

Tags: Commercial Real Estate, union square, westbrook partners
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