August 29, 2016
McSam Hotel Group paid $155 million to Rockwood Capital for ownership rights of two Club Quarters hotels in Midtown Manhattan. The acquisition puts 400 rooms into Great Neck, NY-based McSam’s portfolio.
The hotels are Club Quarters Hotel at 25 W. 51st St., and Club Quarters Hotel, Midtown, at 40 W. 45th St. The buyer will hold the properties long term for cash flow. Jones Lang LaSalle’s Jeffrey Davis brokered the sale, while JLL’s Kevin Davis secured financing for the buy.
Aareal Capital Corp. provided a $100.5 million senior loan, while NorthStar Realty Finance offered a $16.5 million mezzanine loan to fund the buy. Both loans have three-year terms, and two one-year extensions.
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