KSL Capital Partners refinances two Manhattan hotels with $253.5M

KSL Capital Partners refinanced a Greenwich Village hotel and a Midtown East hotel with a total of $253.46 million in debt through two transactions with the same lenders.
In the first, KSL Capital Partners through the entity HHLP Union Square Associates, LLC as borrower signed a refi loan with lender Wells Fargo and Deutsche Bank valued at $134.1 million for the Hyatt Union Square New York hotel (H1) at 134 Fourth Avenue in Greenwich Village, Manhattan.
The deal closed on June 9, 2026 and was recorded on June 25, 2026. The prior lender was Series 2024-HT2  serviced by Trimont which held debt that had an original loan amount of $88.6 million. The property has 88,211 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,520 per the PincusCo analysis. Wells Fargo and Deutsche Bank on June 9, 2026 bought a loan with an original principal of $88.6 million from Series 2024-HT2 as serviced by Trimont signed by Aldrin Buenaventura , secured by 134 4th Avenue, when owned by KSL Capital Partners .

In the second, KSL Capital Partners through the entity HHLP 52nd Associates, LLC as borrower signed a refi loan with lender Wells Fargo and Deutsche Bank valued at $119.4 million for the Hilton Garden Inn New York/Manhattan-Midtown East hotel building (H2) at 206 East 52nd Street in Midtown East, Manhattan.
The deal closed on June 9, 2026 and was recorded on June 25, 2026. The prior lender was Series 2024-HT2  as serviced by Trimont, which held debt that had an original loan amount of $84.2 million. The property has 84,420 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $1,414 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
KSL Capital Partners acquired the two hotels on November 28, 2023, as part of a larger $317.8 million transaction, that itself was part of a $1.4 billion stock acquisition.

The signatory for KSL Capital Partners was Stephanie Galli . The signatory for Wells Fargo and Deutsche Bank was Jeffrey L. Cirillo , Stephen H. Choe , and David Goodman .

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Ashish Parikh , head officer and Amir Sakr, agent. The business entities are Hersha Hospitality Management, L.P. and Hhlp Union Square Associates, Llc. The 88,211-square-foot property generated revenue of $25 million or $283 per square foot, according to the most recent income and expense figures.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received five DOB violations in the last year.

Development

For the tax lot building, it received its initial certificate of occupancy on February 1, 2013. There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Greenwich Village, The bulk, or 24 percent of the 22.4 million square feet of commercial built space are specialty buildings, with hotel buildings next occupying 17 percent of the space. In sales, Greenwich Village has 3.5 times the average sales volume among other neighborhoods with $1.3 billion in sales volume in the last two years and is the 10th highest in Manhattan. For development, Greenwich Village has had very little major development activity relative to other neighborhoods.It had 604,434 square feet of commercial and multi-family construction under development in the last two years, which represents 3 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of three of the 10 commercial properties representing 179,746 square feet of the 504,834 square feet. The largest owner is KSL Capital Partners, followed by ZG Capital Partners and then Topaz Realty Management .
There are no active new building construction projects on this tax block.

The majority, or 40 percent of the 504,834 square feet of built space are retail buildings, with office buildings next occupying 27 percent of the space.

The borrower

The PincusCo database currently indicates that Ksl Capital Partners owned at least four commercial properties in New York City with 296,108 square feet and a PincusCo-determined asset value of $327.5 million. Within the portfolio, the bulk, or 83 percent of the 296,108 square feet of built space are hotel properties, with condo properties next occupying 16 percent of the space. The bulk, or 58 percent of the built space, is in Manhattan, with Queens next at 25 percent of the space.

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