NEW YORK CITY, MIAMI AND WASHINGTON, D.C. — Qatar-based Al Rayyan Tourism Investment Co. (ARTIC) has received $503 million in refinancing for a three-property hotel portfolio totaling 1,049 rooms in New York City, Miami and Washington, D.C.
HFF arranged three floating-rate loans through Mack Real Estate Credit Strategies for the refinancing. The breakdown includes: a $290 million loan for The Manhattan at Times Square Hotel; a $132 million loan for the St. Regis Bal Harbour Resort in Miami; and an $81 million loan for the St. Regis Washington, D.C. Each loan carries a four-year term.
Originally developed in 1952, The Manhattan at Times Square Hotel houses 685 rooms and 9,100 square feet of retail space. The 22-story hotel is located in Times Square at 790 7th Ave. ARTIC will continue to operate the hotel and plans to redevelop the property into a much taller mixed-use tower. Once redeveloped, the building will include 44,000 square feet of LED signage wrapping the base, 134,000 square feet of retail space, 250 hotel rooms and 150 luxury condominium residences.
The St. Regis Bal Harbour is a 27-story luxury hotel in Miami with 192 guest rooms and 24 condo units. The hotel features the Remède Spa, two pools, a fitness suite, business center, 11,200 square feet of meeting space, 7,800-square-foot ballroom, butler service and St. Regis Kid’s Club day camp. Multiple food and beverage outlets include Atlantikós, BH Burger Bar, The St. Regis Bar & Sushi Lounge and La Gourmandise. Situated at 9703 Collins Ave. on the northern point of Miami Beach, the hotel is across the street from the Shops at Bal Harbour, a luxury shopping center.
The St. Regis Washington, D.C. is a 172-room luxury hotel that was originally constructed in 1926 as the Carlton Hotel. Listed on the National Register of Historic Places, the hotel features 25 suites with butler service and complimentary house car, 11,200 square feet of meeting space, afternoon tea, bicycle rental, a business center, 24-hour fitness center and two food and beverage outlets, the St. Regis Bar and the Alhambra Restaurant. The hotel is located less than two blocks north of the White House.
Daniel Peek, Danny Kaufman, Christopher Peck, Jeff Bucaro, Scott Wadler, Chris Hew and Nicole Aguiar of HFF arranged the loans.
Founded in 2003, investment company ARTIC is engaged in real estate development, acquisition and leasing with a primary focus on the hospitality sector in Qatar and overseas. The company’s current portfolio includes 24 hotels. ARTIC is a subsidiary of Al Faisal Holdings, which is controlled by Qatar’s ruling Al Thani family, according to The Real Deal.
— Kristin Hiller