Skip Ribbon Commands
Skip to main content

News release

New York

Jones Lang LaSalle Facilitates $92.5 Million Senior Loan for Hilton Times Square


NEW YORK, Nov. 5, 2010 –Jones Lang LaSalle and Jones Lang LaSalle Hotels today announced another sign of the re-emergence of securitized lending for hospitality assets with the closing of a $92.5 senior loan for Hilton Times Square, a 460-room, full service, trophy asset located in the heart of Times Square in New York City.  The 10-year fixed rate loan, which carries an interest rate below five percent, was secured through Bank of America Merrill Lynch and was used to refinance the existing loan that was set to mature in December.

Leading the Jones Lang LaSalle team on this transaction was Real Estate Investment Banking Senior Vice President Mathew Comfort and Jones Lang LaSalle Hotels Executive Vice President Jeffrey Davis. 

“The proceeds from the new loan will be used to repay the existing debt with a balance of $81 million and an interest rate of 5.95%,” said Comfort.

Added Davis, “It’s a true indication that lenders are actively seeking to place debt on high-quality, well-located hotels.  The Hilton Times Square is a trophy hotel asset located in the heart of Times Square within the top lodging market in the country with solid sponsorship in Sunstone Hotel Investors.  As such, it garnered a great deal of attention from potential lenders.”

The Hilton Times Square is a 24-story structure, comprising the 21st through 45th floors of a mixed-use entertainment complex.  With 330-square-foot standard guestrooms, the hotel features the largest standard size guestrooms in Midtown Manhattan. The hotel boasts stunning views of Times Square area. The property’s performance is enhanced by the world renowned Hilton brand, strong management oversight by Interstate Hotels and Resorts as well as Sunstone’s proactive asset management.

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Our in-depth local market and global investor knowledge delivers the best-in-class solutions for our clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. Our Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.

About Jones Lang LaSalle Hotels

Jones Lang LaSalle Hotels, the first and leading global hotel investment services firm, is uniquely positioned to provide the depth and breadth of advice required by hotel investor and operator clients, through a robust and integrated local network. In 2009, Jones Lang LaSalle Hotels provided sale, purchase and financing advice on over $1.6 billion worth of transactions globally. In addition, advisory and valuation services were provided on nearly 800 assignments. The global team comprises over 200 hotel specialists, operating from 36 offices in 19 countries. The firm's advice is supported by a dedicated global research team, which produced 80 publications in 2009 in addition to client research. Jones Lang LaSalle Hotels' services span the hospitality spectrum; from luxury single assets and large portfolios to select service and budget hotels, resorts and pubs. Services include investment sales, mergers and acquisitions, capital raising, valuation and appraisal, asset management, strategic planning, operator selection, management contract negotiation, consulting, industry research and project development services. Jones Lang LaSalle Hotels' clients have access to the resources of its parent company, Jones Lang LaSalle (NYSE: JLL). www.joneslanglasallehotels.com.

About Jones Lang LaSalle

Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com