New York & Tri-State + Midtown New York + Hospitality | June 23, 2021

Square Mile Capital Puts $75M into McSam’s Times Square Hotel Project

Square Mile Capital Management LLC has made a $75-million preferred equity investment in a 1,046-key multi-branded hotel project in the Times Square submarket. The project at 150 W. 48^th St. is being developed by McSam Hotel Group.

McSam and Square Mile structured the investment in conjunction with Adam Hakim and James Murad of Meridian Capital Group. It represents Square Mile’s fifth Manhattan hotel development project alongside McSam.

“We are confident that travelers to New York will once again want to stay in the center of all the City has to offer,” said Elliot Rattner, Square Mile managing director.

When completed, the 150 W. 48th property will encompass a 288-key Home2 Suites, 358-key Hampton Inn, and 400-key Motto. “A combination of factors such as a prime Times Square location, top Hilton hotel flags, and best-in-class developer sponsorship were all attractive features of this transaction,” said Hakim.

Rendering courtesy of Gene Kaufman Architect.

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Inside The Story

Square Mile CapitalMeridian Capital’s Hakim

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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