MCR Hotels and Island Capital Group have successfully secured a $260 million refinancing deal for the Sheraton New York Times Square. The four-year, floating-rate loan replaced $250 million in seller financing, demonstrating confidence from affiliates of Fortress Investment Group LLC.
According to Tyler Morse, Chairman and CEO of MCR, the hotel’s performance has significantly improved since its acquisition. This serves as a testament to the strength of New York City’s lodging market. Over the next few years, MCR looks forward to collaborating with Island and Fortress in solidifying Sheraton’s position as one of Manhattan’s top hotels.
Located at 811 7th Ave in Midtown Manhattan, Sheraton boasts an impressive 61,800 square feet meeting space along with a grand ballroom spanning over 23
