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News release

​NEW YORK, NY

Luxury Lifestyle Hotel in New York Spurs Financing Activity

JLL secures $125 million in refinancing for 1 Hotel – Central Park


​NEW YORK, Sept. 24, 2015 – On behalf of Starwood Capital Group, JLL today announced the firm has secured $125 million of financing to retire the existing construction loan used to convert what is now the 1 Hotel – Central Park, a luxury, boutique hotel that opened in August. The hotel is located in the heart of Midtown Manhattan’s Plaza District, one block south of Central park and is one of three being developed as part of Starwood’s “1 Hotel” brand. United Overseas Bank provided the loan. 

Managing Director Dustin Stolly, International Director Jeffrey Davis, Executive Vice President Kevin Davis and Senior Vice President Brett Rosenberg led the JLL team on the transaction. 

“The Starwood sponsorship, combined with this new and highly innovative hotel concept, attracted significant lender interest from all types of financial institutions,” said Stolly.

Added Jeffrey Davis, “New York’s lodging market remains a top destination for travelers and 1 Hotel – Central Park’s location near numerous demand generators positions it well to deliver strong returns.”

Designed by the cutting-edge architectural firm of Gwathmey Siegel Kaufman & Associates, the 18-story 1 Hotel – Central Park features 229 rooms. Amenities include 1,600 square feet of meeting space, a 24-hour fitness facility, one of the largest green facades in New York, stunning views of Central Park and a farm-to-table restaurant operated by celebrity chef Jonathan Waxman. The property is also located within walking distance of Carnegie Hall, Time Warner Center, the Museum of Modern Art and Lincoln Center. 

The 1 Hotel brand is Starwood Hotels and Resorts’ eco-friendly, luxury hotel concept. Built to LEED-certification standards and managed by Starwood Capital’s SH Group.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor in the world, totaling US$51 billion over the last five years. Between negotiating deals, the group’s 340-strong global team also executed 4,600 advisory, valuation and asset management assignments. The firm is recognized as the global leader in real estate services across hospitality properties from luxury, upscale, select service and budget hotels to timeshare and fractional ownership properties, convention centers and mixed-use developments. Investors and owner/operators worldwide turn to JLL to shape their investment strategies and maximize the value of their assets and JLL’s expert advice is backed by industry-leading research.

For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.