JV Provides $65M Refi for Queens Hotel Conversion
Financing will convert the LaGuardia Plaza Hotel into a DoubleTree by Hilton
By Brian Pascus January 5, 2024 2:15 pm
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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.
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
