LoanCore Capital provided the acquisition financing
Capstone Equities and Highgate have closed on the acquisition of the W Hotel New York at 541 Lexington Avenue from Host Hotels & Resorts for $190 million, according to REAlert and Hotel Management. The hotel contains 697 rooms and is located between East 49th and 50th streets.
Financing Details: LoanCore Capital provided $130 million in acquisition financing.
Be Smart: At $272,597 per key and $598 per square foot, the price is reflective of the sluggish hotel market. With this deal, Capstone and Highgate continue their recent contrarian hotel investing.