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CMA
August 11, 2017  

Westbrook Eyes Loan on Central Park Ritz

Westbrook Partners is seeking a $300 million floating-rate loan on the Ritz-Carlton hotel that faces Central Park in Manhattan.

New York-based Westbrook, which isn’t using a broker, prefers a five-year term.

The 259-room property is one of the city’s most-prominent hotels. Westbrook acquired a controlling stake in 2012 from New York-based Millennium Partners, which retained a small interest.

Westbrook would use some of the proceeds to retire a $135 million loan that Delaware Life originated in 2015. Also, the financing is expected to help pay for a renovation scheduled to begin next year.

The luxury property, at 50 Central Park South, was built in 1928 and operated as the Hotel St. Mortiz until 1999, when it was converted into a hotel/residential-condominium property. The hotel — renamed the Ritz-Carlton New York, Central Park — re-opened in 2002 on the lower 12 floors. The condos on the upper 13 stories are separately owned.

The hotel features an array of amenities typical for top-shelf properties in New York, including a spa and fitness center, concierge service, a restaurant and meeting and event space.