RobertDouglas Handles $320M Refi for Denihan in NYC
Following the restructuring of its joint venture with Pebblebrook, Denihan has refinanced four of its upscale Manhattan hotels.
By Ioana Neamt
The Benjamin Hotel, New York
New York—RobertDouglas recently announced it has advised Denihan in the procurement of a $320 million senior debt loan to refinance four Manhattan hotel properties. The five-year loan was placed with Broad Street Real Estate Credit Partners II LP, a credit fund managed by the Merchant Banking Division of Goldman Sachs.
The refinancing comes a mere week after Denihan completed the restructuring of its joint venture with Pebblebrook Hotel Trust, in which the two companies divvied up their “Manhattan Collection” of six upper-upscale Midtown hotels. Following the restructuring, Denihan is now the sole owner of four hotels totaling 917 rooms: three Affinia Hotel Collection-operated properties (the Shelburne NYC in Murray Hill, the Fifty NYC in Midtown Manhattan and Gardens NYC on the Upper East Side) and the independent, 209-key Benjamin hotel at Lexington Avenue and 50th Street.
“Despite the difficult operating conditions in New York City, the Denihan portfolio includes some of the strongest performing hotels in the market and lenders responded positively to this financing,” Doug Hercher, principal & managing director of RobertDouglas, said in a statement.
“We are at a transitional moment in the capital markets, with regulatory changes and slowing hotel fundamentals, particularly in Manhattan, creating challenges for lenders,” added Chris Ropkpo, senior director of RobertDouglas. “Goldman Sachs was unique in its ability to see through the headlines and make a loan that reflects their long-term confidence in the New York market, the portfolio and the Denihan organization.”
Image courtesy of TheBenjamin.com
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