Hotel Scores Financing Gem
Carl Gaines March 7, 2012, 1:10 p.m.
Gemini Hospitality Management, which owns a portfolio of eight hotels in New York City, with an additional location under development just off Union Square, secured $27 million in financing for its Chelsea location, The Commercial Observer has learned.
The 81-key Chelsea GEM Hotel is located at 300 West 22nd Street. The financing was secured from a foreign bank and mezzanine fund. It consisted of a first mortgage and mezzanine loan. It closed in January 2012. Mission Capital Advisors worked to advise the borrower.
The company’s other holdings in the area include GEM Hotel locations in Midtown and Soho as well as the Wyndham Garden Hotel and the Comfort Inn Times Square. According to its website, it also makes fixed income investments through real estate-backed acquisitions.
A call to Gemini wasn’t returned in time for publication.