NEW YORK CITY-Starwood Property Trust has refinanced the City Club Hotel, at 55 W. 44th St., for $36 million, including $13 million in construction financing. The deal will allow an additional 66 rooms to be added above those already existing at the hotel.
Jared Kelso and Ernest Lee of Cushman & Wakefield Sonnenblick Goldman’s US Hospitality Group worked the deal on behalf of the owners, City Club Hotel LLC.
"The availability of creative capital for the hospitality sector continues to increase with each passing month," Kelso, a senior director at Cushman & Wakefield Sonnenblick Goldman said in a prepared statement. "We were pleased to secure financing in an incredibly short time frame from a lender who has a deep understanding of the New York City hotel market and recognized the demand for additional rooms at this exceptional hotel."
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