$63M lent by Motcomb Estates for hotel in Times Square

Adams Hotels International LLC as borrower signed a loan agreement with lender Simon and David Reuben’s London-based Motcomb Estates valued at $62.5 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at 130 West 44th Street in Times Square. The deal closed on December 19, 2019 and was recorded on January 14, 2020.
The property contains a total of 75,421 square feet of built space.
The average loan per buildable square foot is $816.
HSBC Bank issued the prior debt, originally totaling $60 million.The last time the property sold was July 25, 2013, for $115,216,688, when the Dream Hotel Group sold the leasehold to Adams Hotels International.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building with 82 hotel units on August 29, 2012.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $35,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link

Correction: a previous version of this post incorrectly identified the borrower as Sant Singh Chatwal’s Dream Hotel Group. However, while the owner entity Adams Hotels International has an address care of the Dream Hotel Group, it does not appear to be owned by Dream Hotel Group.