JV Provides $65M Refi for Queens Hotel Conversion

Financing will convert the LaGuardia Plaza Hotel into a DoubleTree by Hilton

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Synergy Hospitality Management has secured a $64.5 million loan to refinance the conversion of the LaGuardia Plaza Hotel into a DoubleTree by Hilton in Queens. The 353-room hotel is directly across from New York City’s LaGuardia Airport.

A joint venture partnership among Sabal Investment Holdings, Bsafal and Argo Real Estate provided the fully funded loan. 

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Jonathan Mirkin, managing director with Sabal Investment Holdings, said in prepared remarks that the joint venture’s loan demonstrated his firm’s ability to provide “creative financing options” in a difficult capital markets environment. 

The conversion of the [LaGuardia] Plaza from an unbranded, independent hotel into a DoubleTree by Hilton will introduce a highly marketable hotel brand to the strong LaGuardia airport submarket,” said Mirkin. “It’s a value-add lending opportunity at a great basis.”   

Located at 10404 Ditmars Boulevard, the LaGuardia Plaza Hotel opened in 1989 and was last renovated in 2019. The seven-story hotel is one mile from Shea Stadium and six miles from Manhattan. The hotel currently has 358 rooms, a health and fitness center, an indoor pool, and a 12,500 square-foot business space. It also offers a free shuttle service to LaGuardia Airport.

Mark Moskowitz, president and CEO of Argo Real Estate, said in a statement that his firm and Bsafal have already teamed up on multiple hospitality projects around the world. Argo also recently financed a residential project in Manhattan at 64 University Place

“This is our first venture with Sabal Investment Holdings and we look forward to a successful partnership in this endeavor,” said Moskowitz. “We like the resilience of the LaGuardia submarket and the Hilton brand.” 

Brian Pascus can be reached at bpascus@commercialobserver.com