Hong Kong-based Keck Seng cuts Sofitel hotel debt by half to $70M in Grand Central

The Hong Kong-based Keck Seng Investments through the entity KSSNY Inc. as borrower signed a loan agreement with the Singapore lender DBS Bank valued at $70 million for 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1) at the Sofitel New York at 45 West 44th Street in Grand Central. The deal closed on October 27, 2020 and was recorded on November 6, 2020.
The property contains a total of 294,000 square feet of built space.
The average loan per buildable square foot is $238.
The publicly traded, Hong Kong-based and listed firm has seen the debt on its Sofitel drop by nearly half since acquiring the building October 30, 2014, for $272 million ($257.05 million in Acris). At the time of the 2014 purchase, the firm took out a $135 million acquisition loan. In the refinancing, the loan was assigned to DBS Bank, and reduced to $70 million. The hotel has 398 rooms.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $280,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link