Highgate is acquiring New York's Park Central Hotel, with a little assistance from Blackstone Group via $250 million in financing.
Blackstone Mortgage Trust, a subsidiary of Blackstone Group, supplied three loans to Highgate totaling $247.57 million to acquire the hotel, which is located at 870 7th Ave. in New York City. The hotel was listed for $366.17 million.
The 934-room Park Central Hotel was recently sold by Pebblebrook Hotel Trust as part of a portfolio of hotels it is dispensing due to its acquisition of LaSalle Hotel Properties in early November. LaSalle was previously set to make a deal with Blackstone Group before ultimately signing with Pebblebrook.
Highgate took on Cerberus Capital as an equity partner in the deal, which does not list an expected closure date.