Sabal Investment Holdings, Bsafal Inc., and Argo Real Estate have teamed up to provide a $64.5 million loan for the conversion of LaGuardia Plaza Hotel in Queens. The property, located at 10404 Ditmars Blvd, will be transformed into a DoubleTree by Hilton with 353 rooms. Synergy Hospitality Management, based in Wayne, PA is the borrower and brings their expertise as a regional hotel management and development consulting services firm.
According to Jonathan Mirkin of Sabal Investment Holdings, this conversion presents an opportunity for value-add lending at an attractive basis due to its prime location in the strong LaGuardia airport submarket. The rebranding from an unbranded independent hotel to a highly marketable DoubleTree by Hilton brand is expected to bring significant benefits.
