Mission Markets Note on Mystery Manhattan Hotel



Mission Capital Advisors is acting as the exclusive loan sale advisor for a commercial mortgage secured by a Manhattan hotel, The Commercial Observer has learned. The offering memorandum was distributed today and the winning bidder is set to be selected on May 10, 2012.

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companylogo Mission Markets Note on Mystery Manhattan Hotel
Mission Capital Advisors.

The seller was not disclosed, nor was the address of the hotel, though a few clues are available. For instance, the loan has a current unpaid balance of $100 million and is set to mature in June 2016. It has a paid through date of March 11, 2009.

The Midtown building where the hotel is located was built in 1895 and underwent a $50 million renovation in 2004, including upgrades to public spaces and the rooms themselves. At 216-keys, it had a 2011 RevPAR of $205.61.

CGaines@observer.com