Torchlight Investors acquires hotel valued at $56.9M from Sunstone Hotel Investors in Times Square

Torchlight Investors through the entity Hts West 42Nd Street LLC acquired from Sunstone Hotel Investors’s Sunstone 42nd Street, LLC a hotel valued at $56.9 million at 234 West 42nd Street in Times Square. The deal closed on December 22, 2020, and was recorded on January 4, 2021. The transaction consists of 1 parcel, including the tax class luxury type hotel built prior to 1960 (H1). The property is 300,359 square feet. The parcel(s) have total development potential of 300,359 square feet.

This is an assignment of lease in lieu of foreclosure. The special servicer and investment firm Torchlight Investors took control of the ground lease after the prior ground leasee Sunstone defaulted on a loan valued at $77.2 million secured by Sunstone Hotel Investors’ 476-key Hilton Times Square at 234 West 42nd Street in Times Square.  The signatories for Torchlight were Gianluca Montalti  and Jorge Rodriguez.

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