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JV of Smith Hill, Bain Capital Provides Refi on Westin New York Grand Central
A joint venture of Smith Hill Capital, the fully integrated commercial real estate debt investment management business of Procaccianti Companies, and Bain Capital completed a $216-million refinancing for the Westin New York Grand Central Hotel at 212 E. 42nd St. in Midtown Manhattan. JLL’s Hotels & Hospitality Group represented ownership.
“The Westin Grand Central is a flagship property in one of the world’s most dynamic lodging markets. Its proximity to Grand Central Terminal and Midtown’s largest employers makes it a cornerstone asset for both business and leisure travel,” said Brendan McCormick, managing principal, Smith Hill Capital. “Together with Bain Capital, we continue to pursue opportunities in premier urban markets as well as high-quality destination markets where we see consistent demand and long-term value creation potential.”
Developed by Harry Helmsley and opened in 1981, the 774-key lodging property most recently sold in 2019, reportedly to Davidson Kempner Management, in a deal also arranged by JLL. The property was renovated in 2021.
- ◦Financing
