Cushman & Wakefield announced today that it advised affiliates of Great Eagle Holdings in the acquisition financing of the Langham Place Fifth Avenue Hotel in Manhattan.
The Hotel is located at 400 Fifth Avenue in Midtown Manhattan. The 214-key property is part of a mixed-use building that was opened in November 2010. In addition to guestrooms, the Hotel features the Michelin-rated Ai Fiori Restaurant, the popular Bar on Fifth, a destination spa and salon, and 2,400 square feet of meeting space. The hotel is Great Eagle’s fourth in the United States, and first under the Langham Place brand.
The floating-rate loan was provided by a Singapore-based bank. The residences were not part of the collateral.
Cushman & Wakefield’s Tom McConnell and Jared Kelso represented Great Eagle in the transaction, while Denton’s Andrew Weiner served as counsel to Great Eagle.
“Great Eagle’s impeccable reputation as a borrower, combined with an irreplaceable asset in Manhattan as collateral, allowed us to generate incredible interest and financing terms. Great Eagle’s ability to leverage their balance sheet to acquire landmark assets in key global markets will allow the Langham Place brand to grow very rapidly,” said Jared Kelso, Managing Director of the firm’s Global Hospitality Group.
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.