St Regis Washington DCWASHINGTON, DC–Al Rayyan Tourism Investment Co. has refinanced three of its luxury hotels including The St. Regis Washington DC, for a total of $503 million.
The other two properties were The Manhattan at Times Square Hotel and The St. Regis Bal Harbour Resort in Miami. The Manhattan at Times Square Hotel secured a $290 million loan and the St. Regis Bal Harbour Resort got a $132 million loan. The St. Regis Washington DC was refinanced at $81 million.
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HFF placed the three floating rate loans Mack Real Estate Credit Strategies. Each loan carries a four-year term with one one-year extension.
The HFF debt placement team included Daniel C. Peek, Danny Kaufman, Christopher Peck, Jeff Bucaro, Scott Wadler, Chris Hew and Nicole Aguiar.
“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,” Kaufman said in a prepared statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
