United Overseas Bank provided a $125m loan to Starwood Capital Group to retire the existing construction loan used to develop the 1 Hotel – Central Park, a luxury, boutique hotel that opened in August.
Starwood had purchased an office building on the site from Murray Hill Properties for $72m in 2011. Located in the heart of Midtown Manhattan’s Plaza District, the new hotel is one block south of Central park — one of three being developed as part of Starwood’s “1 Hotel” brand.
“New York’s lodging market remains a top destination for travelers and 1 Hotel – Central Park’s location near numerous demand generators positions it well to deliver strong returns,” said JLL international director Jeffrey Davis, part of the team that arranged the financing, in a statement issued today.
The team was also led by managing director Dustin Stolly, EVP Kevin Davis and SVP Brett Rosenberg. A JLL spokesperson did not immediately respond to a request for a disclosure of the loan’s terms.
Designed by architectural firm of Gwathmey Siegel Kaufman & Associates, the 18-story property features 229 rooms, 1,600 sq ft of meeting space, a 24-hour fitness facility, a distinctive green facade, views of Central Park and a farm-to-table restaurant operated by chef Jonathan Waxman.
The property is also located within walking distance of Carnegie Hall, Time Warner Center, the Museum of Modern Art and Lincoln Center.
The 1 Hotel brand is Starwood Hotels and Resorts’ eco-friendly, luxury hotel concept built to LEED-certification standards and managed by Starwood Capital’s SH Group.
A 193-room 1 Hotel – Brooklyn Bridge Park is now under construction and expected to open in 2016.