Cronheim Hotel Capital has secured $64.5 million to refinance the existing debt on the LaGuardia Plaza Hotel in New York City. The loan was originated with a national debt fund platform and provides capital to support the sponsor’s business plan of converting the property to a DoubleTree by Hilton.
The property is one of the closest hotels to LaGuardia Airport’s main gates and is owned by an affiliate of its operator, Synergy Hospitality Management. LaGuardia Airport recently completed an $8 billion transformation that completely modernized the campus and added a new terminal. The airport handles more than 30 million passengers annually. The refresh of the property and affiliation with Hilton’s reservation system will offer a highly desirable lodging option for guests traveling in the area.
“The conversion of the LaGuardia Plaza Hotel to a DoubleTree not only revitalizes the property but also allows us to enhance our promise of providing extraordinary guest experiences for years to come," Synergy’s President Stephen Field said in a statement.