Fried Frank advised MCR Hotels and Island Capital Group on a $260 million refinancing of the 1,780-key Sheraton New York Times Square. The four-year, floating-rate loan retires $250 million in outstanding seller-financing that was sourced when MCR Hotels and Island Capital acquired the hotel in April 2022. The new financing, which was arranged by JLL’s Hotels & Hospitality Group, was provided by funds managed by affiliates of Fortress Investment Group LLC. Located at 811 7th Ave, the 50-story Sheraton New York Times Square hotel is situated in the heart of Midtown Manhattan at the northern end of Times Square retail corridor. Read more information about the transaction here.
The Fried Frank team was led by partners Jonathan Mechanic and Patrick Dowd.
