Blackstone Supplies $78M Acquisition Loan for Times Square Hotel
By Andrew Coen October 25, 2023 1:36 pm
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Blackstone (BX) has supplied $78.3 million of acquisition financing for Apollo Global Management (APO) and Newbond Holdings’ purchase of the Renaissance New York Times Square Hotel, Commercial Observer can first report.
Apollo and Newbond acquired the 200,000-square-foot, 317-key hotel portion of the building at 2 Times Square for $165 million from Sherwood Equities in early October.
Newmark arranged the debt transaction with a team led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Tyler Dumon and Marshall Dickson.
The brokerage firm also procured the sale of the hotel in a deal led by Adam Spies, Avery Silverstein and Adam Etra.
Sherwood had owned 2 Times Square for 38 years after first purchasing land beneath the property in 1985. The building was developed in 1990.
It will continue to own the signage and retail component of 2 Times Square, which includes Olive Garden, Van Leeuwen’s and Max Brenner Chocolate as tenants.
The Marriott-branded Renaissance New York Times Square Hotel falls is at the north junction of Seventh Avenue and 48th Street in Times Square, a corner that sees more than 164,000 daily visitors, according to Newmark. It overlooks where the ball drops on New Year’s Eve.
Officials at Blackstone, Apollo Global Management and Newbond Holdings did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
