Rendering of the Hyatt Union Square Hotel
Hersha Hospitality Trust has completed a $55 million floating rate loan provided by Natixis Real Estate Capital for its Hyatt Union Square Hotel, Cushman & Wakefield announced today.
Jared Kelso and Ernest Lee of C&W represented Hersha.
“This transaction demonstrates the robust appetite of balance sheet lenders for hospitality product,” Kelso said in a statement. “The Hyatt Union Square will accommodate an under-served lodging submarket in Manhattan and demonstrates Hersha’s continued ability to source unique acquisition opportunities.”
The 178-room hotel, at 134 Fourth Avenue between 12th and 13th streets, will open on April 22, the statement said. –Hayley Kaplan