HSBC makes loan on GFI Capital's Beekman Hotel project

GFI Capital Resources Group, the developers behind the soon-to-be Beekman Hotel in Lower Manhattan, has received a $207-million loan from HSBC Bank, reports Commercial Observer.

GFI Capital is converting a vacant office building at 5 Beekman Street into a 287-room, 40-story hotel with a 68-unit condominium tower next door at 115 Nassau Street. The loan closed on May 8.

GFI Capital bought the main building for $64 million in March 2012 and the parcel next door for $22 million, city records show.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

The main building’s previous owners, the Chetrit Group and Bonjour Capital, which had acquired the property in 2008, also had plans to turn it into a hotel. However, due to the financial crisis, those plans were stalled.

 

Read more on

Suggested Articles

This week has been about the economy and budget sector, the planet and whether the Reuben Brothers go clubbing a lot.

Barceló Group said that it was using management contracts to drive growth globally as it sought to become one of “the leading players in the sector".

Ramsey Mankarious, CEO, Cedar Capital Partners, outlines the opportunities for the year ahead.