Hotel Mela Times Square Gets $32M Refi from Citibank

O&O Properties Corporation and Hotel Mela, LLC, has borrowed $31.8 million to refinance the Hotel Mela Times Square, a boutique four-star hotel with 234 rooms at 120 W. 44th St. in Times Square in Midtown Manhattan.

“Hotel financing is very difficult to come by, but we were able to arrange a loan with attractive terms because of the borrower’s successful track record and the financial strength of the hotel,” said Jonathan Aghravi, managing director for Eastern Consolidated, who with James Murad and Charles Han represented the borrower and secured the financing from Citibank.

The Hotel Mela Times Square is just 10 years old, and it has already received a full renovation to help it compete with the flood of new hotel rooms now opening. It is managed by Highgate, and is home to two tenants: Saju Bistro Bar and Restaurant and the Long Room Bar.

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