An investment consortium led by The Witkoff Group, and majority backer Jynwel Capital and its investors (“Jynwel Capital”), today closed on the acquisition of the Helmsley Park Lane Hotel® at 36 Central Park South for $660 million. Other consortium partners include New Valley LLC, Highgate Holdings and Macklowe Properties.
The investment group intends to make upgrades to enhance the efficiency of operations of the 47-story, 605-key, 446,000-square-foot luxury hotel, and rebrand it as the Park Lane New York.
“The Park Lane sits at the very center of retail and culture in Manhattan, with sweeping views of Central Park,” noted Steven Witkoff, Chairman and CEO of The Witkoff Group. “We look forward to working with our partners to continue to operate the property as one of the preeminent hotels in New York City.”
Jho Low, Chief Executive Officer of Jynwel Capital, said, “We are excited to partner with Witkoff and play an important role in the investment consortium for this attractive New York City hotel property.”
Wells Fargo and Criterion Real Estate Capital provided financing for the acquisition. Going forward, Highgate Hotels will manage the property. The seller is The Leona M. and Harry B. Helmsley Charitable Trust.
ABOUT THE WITKOFF GROUP
The Witkoff Group is a leading real estate investment, operating and full-service development firm headquartered in New York City. Since its founding by Steven Witkoff in 1997, The Witkoff Group has taken a hands-on, operational approach to all of its projects, with in-house teams focused on acquisitions, asset and property management, development and construction. This structure, along with the company’s proven track record, enables The Witkoff Group to successfully execute complex real estate transactions and development projects. Over the past 15 years, The Witkoff Group has acquired more than 60 properties, consisting of approximately 18 million square feet, in major central business districts throughout the United States and London. These properties include office buildings, hotels and over 12,000 residential units, representing a total cost of approximately $7 billion.
ABOUT JYNWEL CAPITAL
Jynwel Capital is an international private equity investment firm. The company’s business activities focus on high-value and long-term investment opportunities in markets across the globe. Jynwel Capital’s global investments span a number of sectors including consumer & retail, media & entertainment, real estate & hospitality, precious metals and commodities and financial services. Jynwel Capital’s core strength is the depth of its relationships in the markets it targets coupled with synergies created jointly among its investment partners. Jynwel Capital's advisory business arm is operated by Jynwel Capital HK, a financial advisory company headquartered in Hong Kong that is licensed by the Securities and Futures Commission of Hong Kong ("SFC") to conduct Type 1 and Type 4 securities regulated activities. For more information: www.jynwelcapital.com.