Qatari investor, IHG update $230M loan with National Bank of Kuwait for hotel in Midtown East

Constellation Hotels Holding Limited and InterContinental Hotels Group through the entity 111 East 48th Street Holdings, LLC as borrower signed a loan amendment with lender National Bank valued at $230 million secured by the InterContinental New York Barclay by IHG at 111 East 48th Street in Midtown East, Manhattan.
The deal closed on March 27, 2026 and was recorded on April 9, 2026. The prior lender was National Bank of Kuwait which held debt that had an original loan amount of $230 million, given in 2020.

The property has 443,607 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $518 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.)
The owner bought the property on February 28, 2020, for $33.1 million. The signatory for Constellation Hotels Holding Limited and InterContinental Hotels Group was Travis Ray . The signatory for National Bank of Kuwait was Michael Carter and Matthew O’Hara .

Constellation Hotels Holding Limited is primarily owned by former Qatari prime minister Hamad bin Jassim bin Jaber Al Thani, who holds a majority stake. The luxury hotel investment group is often linked to Qatar Holding, an affiliate of the Qatar Investment Authority.

Constellation bought an 80 percent stake in the hotel in 2014.

Prior sales, articles and revenue

The owners according to the Department of Housing Preservation and Development includes Michael Palumbo, head officer and Constellation Barclay Holding Us, Llc, shareholder. The business entities are Ihg Management (Maryland) Llc and 111 East 48th Street Holdings, Llc. The 443,607-square-foot property generated revenue of $132.7 million or $299 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Midtown East has 443,607 square feet of built space according to a PincusCo analysis of city data. The parcel has frontage of 200 feet and is 205 feet deep with a total lot size of 41,170 square feet. The zoning is C6-6 which allows for up to 15 times floor area ratio (FAR) for commercial and up to 10 times FAR for residential with inclusionary housing.

Transaction Participants

Jeffrey Kapner at Arnold & Porter participated in the transaction on behalf of Bank of Kuwait.

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 $2,040 in OATH penalties in the last year.

Development

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 Midtown East, The majority, or 81 percent of the 62.6 million square feet of commercial built space are office buildings, with hotel buildings next occupying 7 percent of the space. In sales, Midtown East has the 2nd highest sale turnover among other neighborhoods in the city with $4.9 billion in sales volume in the last two years. For development, Midtown East is the 3rd most active neighborhood among other neighborhoods. It had 20.7 million square feet of commercial and multi-family construction under development in the last two years, which represents 33 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of four of the four commercial properties representing 2,379,169 square feet of the 2,379,169 square feet. The largest owner is Fisher Brothers, followed by Sovereign Partners and then Varde Partners.
There are no active new building construction projects on this tax block.

The majority, or 64 percent of the 2.4 million square feet of built space are office buildings, with hotel buildings next occupying 36 percent of the space.

Direct link to Acris document. link