Qatari investor Constellation Hotels Holding borrows $230M from National Bank Of Kuwait for Barclay hotel in Plaza District

Qatari investor Constellation Hotels Holding Limited with minority owner InterContinental Hotels Group through the entity 111 East 48th Street Holdings, LLC as borrower signed a loan agreement with lender National Bank Of Kuwait valued at $230 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at InterContinental New York Barclay at 111 East 48th Street in Plaza District. The deal closed on March 31, 2020 and was recorded on April 24, 2020.
The property contains a total of 443,607 square feet of built space.
The average loan per buildable square foot is $518.
The debt was reduced by 21 percent from an outstanding principal of $290 million provided by Deutsche Bank. The last time the property sold was March 31, 2014, when Constellation bought an 80 percent stake for a reported $240 million from InterContinental.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on January 27, 2014.
Over the past five years, there have been 27 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 27 renovation/alteration projects (A2) applied for with a total estimated value of $20,709,494.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link