**Smith Hill Capital and Bain Capital Complete $216M Refinancing of Westin New York Grand Central Hotel**
A joint venture between Smith Hill Capital—part of Procaccianti Companies’ commercial real estate debt investment platform—and Bain Capital has successfully completed a $216 million refinancing for the Westin New York Grand Central Hotel, located at 212 E. 42nd Street in Midtown Manhattan. The transaction was facilitated by JLL’s Hotels & Hospitality Group, which represented the ownership.
“The Westin Grand Central is a flagship property in one of the world’s most dynamic lodging markets,” said Brendan McCormick, Managing Principal of Smith Hill Capital. “Its proximity to Grand Central Terminal and Midtown’s largest employers makes it a cornerstone asset for both business and leisure travel. Together with Bain Capital, we continue to pursue opportunities in premier urban markets as well as high-quality destination markets where we see consistent demand and long-term value creation potential.”
Originally developed by renowned real estate investor Harry Helmsley, the 774-room hotel opened in 1981. It was most recently sold in 2019, reportedly to Davidson Kempner Management, through a deal also arranged by JLL. The property underwent a significant renovation in 2021.
