Mission Markets Note on Mystery Manhattan Hotel
Carl Gaines March 27, 2012, 2:34 p.m.
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.
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.