Magna Hospitality borrows $94M from Starwood to buy Embassy Suites hotel in Garment District

Magna Hospitality Group through the entity NY 37th ES LLC as borrower signed a loan agreement with lender Starwood Property Mortgage through the entity Starwood Property Mortgage Sub-14-A. L.L.C. valued at $94 million to buy 2 parcels, including the tax class hotel at 60 West 37th Street in the Garment District. The deal closed on August 19, 2020 and was recorded on September 8, 2020.
Magna bought the property for $115.1 million at the same time. The hotel is the Embassy Suites.
The last time the property sold was January 22, 2019, for $189,109,922.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link