NEW YORK — Smith Hill Capital and Bain Capital announced the firms’ joint venture completed a $216 million refinancing for the Westin New York Grand Central Hotel.
Centrally located in the heart of Midtown Manhattan on East 42nd Street, one block from Grand Central Terminal, the hotel is within walking distance of top office tenants, tourist landmarks, and major transit access points. The 774-key Westin New York Grand Central features 18,750 square feet of flexible meeting and event space, a full-service restaurant — Amuse Marketplace & Bar — as well as a fitness center and valet parking. The property was acquired by its current ownership in 2019 and underwent extensive renovations in 2021.
“The Westin Grand Central is a flagship property in one of the world’s most dynamic lodging markets. Its proximity to Grand Central Terminal and Midtown’s largest employers makes it a cornerstone asset for both business and leisure travel,” said Brendan McCormick, Managing Principal, Smith Hill Capital. “Together with Bain Capital, we continue to pursue opportunities in premier urban markets as well as high-quality destination markets where we see consistent demand and long-term value creation potential.”
“This transaction further demonstrates our ability to provide flexible and creative capital solutions for high-quality assets and borrowers,” said David DesPrez, a Partner at Bain Capital. “We are pleased to be selected as the partner of choice on this transaction and look forward to supporting the continued growth of this exceptional asset.”
“We’re proud to have facilitated this successful refinancing, marking another milestone in our long-standing relationship with this exceptional asset,” said Kevin Davis, Americas CEO of JLL’s Hotels & Hospitality Group. “This transaction not only provides our client with enhanced financial flexibility but also demonstrates the continued investor confidence in premier Manhattan hospitality assets.”
