Park Central Hotel

Property Overview

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