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GFI Capital and Elliot Management acquire Parker New York Hotel

GFI Capital Resources Group + Elliott Management have closed on their acquisition of 119 West 56th Street from the Jack Parker Corporation for around $420 million. The Parker New York Hotel spans 536,719 square feet, and contains 729 rooms.

Financing Details: The partnership secured $350 million in debt from Bank OZK to finance the acquisition and renovation, according to the WSJ.

What comes next… The buyers will spend $100 million to renovate the old hotel and convert rooms on the upper floors into 67 residential condos. Despite its prime location on Billionaires’ Row, the condos will be geared toward the lower echelon of the market. The partners are also expected to revamp the underground retail space. 

Worth Noting: The hotel will stay open during the renovation, and will relaunch as a flagship of Hyatt Hotels Corp.’s Thompson Hotel brand in 2021. [WSJ]

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