Davidson Kempner pays $302 million for Westin Grand Central

Host Hotels & Resorts is located at 212 East 42nd Street

Davidson Kempner has acquired the Westin Grand Central at 212 East 42nd Street from Host Hotels & Resorts for $302 million. The buyer is working on a long-term agreement with Marriott to keep the hotel under the Westin flag. 

Property details: The hotel spans 502,158 SF, and contains 774 rooms. With an occupancy rate of 87.4 percent, it generates $250.02 in revenue per room, according to the Real Estate Alert and GlobeSt. The property is located between Second and Third Avenues.

Financing details: Davidson Kempner secured $197 million in short-term, floating-rate debt from Goldman Sachs to finance the acquisition and planned renovation (around $20 million).

Flashback: Host Hotels acquired the property from the estate of Leona Helmsley for $313.5 million in 2011. They subsequently closed the hotel for 18 months and spent around $75 million on renovations.