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New York & Tri-State  + Outer  + Finance  |  January 4, 2024
Emily Fu
By: Emily Fu

LaGuardia Plaza Hotel Conversion Lands $65M  

Sabal Investment Holdings, Bsafal Inc., and Argo Real Estate have formed a joint venture to provide a $64.5 million loan to LaGuardia Plaza Hotel in Queens.  

Located at 10404 Ditmars Blvd, the 353-room property will be converted into a DoubleTree by Hilton. The borrower, Synergy Hospitality Management, is a regional hotel management and development consulting services firm based in Wayne, PA.  

“The conversion of the Plaza from an unbranded, independent hotel into a Double Tree by Hilton will introduce a highly marketable hotel brand to the strong LaGuardia airport submarket,” says Jonathan Mirkin, managing director with Sabal Investment Holdings. “It’s a value-add lending opportunity at a great basis.”  

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Inside The Story

Jonathan Mirkin

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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