Park Central Hotel
870 7th Avenue, New York, NY 10019
This investment represents a $15 million interest in a $58 million mezzanine loan refinance on Park Central Hotel, a 934 unit full-service four star hotel located in Midtown Manhattan. Since purchasing the Hotel, the Sponsors have spent approximately $15 million in capital expenditures, improving the overall quality of the asset.
Some of the improvements include new carpeting throughout the hotel, new wallpaper in the guestrooms, new beds, bedding and new flat-screen TVs for all rooms and improvements to the lobby and entrance to the hotel.
Investment at a Glance
Location: New York, NY
Property Type: Hospitality
Investment Type: Senior Mezzanine Loan
Acquisition Date: March 23, 2007
KBS Investment Amount: $15,000,000
Anticipated Loan Term: 2 Years
No. of Units: 934