Knighthead Lends $48M for Acquisition, Partial Resi Conversion of Stamford Marriott

Clearview Hotel Capital has landed $48 million of acquisition financing for the purchase and partial residential conversion of a Marriott hotel in Stamford, Conn., Commercial Observer can first report.

Knighthead Funding provided the loan for the 3.57-acre hotel property in Downtown Stamford, where Clearview plans to convert its east tower to apartments and upgrade the west tower as a more modernized Marriott. 

Clearview acquired the 508-room hotel, known as the Stamford Marriott Hotel & Spa, for $15.25 million from Stamford Hotel Propco, less than half of the $31.6 million sales price from 2018, CT Insider reported, citing property records. 

“Knighthead is actively lending on select opportunities in the multifamily conversion space,”  Jonathan Daniel, principal at Knighthead, said in a statement. “In this case, the sponsor’s business plan calls for partial conversion to multifamily in a high-demand area in tandem with a repositioning of the hotel that reduces key count while enhancing the visitor experience. The physical properties of the current buildings readily lend themselves to the concept.”

Newmark’s Tyler Dumon negotiated the financing.

Located at 243 Tresser Boulevard 35 miles northeast of Midtown Manhattan, the Stamford Marriott was built in 1977 and renovated in 2008. Clearview is targeting studio, one-bedroom and two-bedroom units in the east tower, according to Knighthead, 

Officials at Clearview and Newmark did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com.