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Thursday, 17 January 2019

Davidson Kempner Buys Westin New York Grand Central

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Host Hotels & Resorts Inc. has completed its $302 million, or $390,181/unit, sale of the 774-room Westin New York Grand Central hotel to Davidson Kempner Capital Management.

The price that the New York investment manager is paying includes roughly $20 million of funds to cover the cost of furniture, fixtures and other equipment at the property, the former New York Helmsley at 212 East 42nd St. JLL represented Host in the sale, while Fried Frank was legal counsel to the REIT.

Davidson Kempner funded its purchase with a $197 million mortgage provided by Goldman Sachs.

The sale was part of an...

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: New York City
  • States: New York
  • Sector: Hotel & Resort
  • Subject: Property Acquisitions (ACQ)
  • Company: Host Marriott Corp.
  • Valuation: More than $150 million
  • Private: Yes
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Dan Moynihan

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