HFF's $33m Hampton Inn deal

Real Estate Weekly, Nov 26, 2008

The New York office of HFF (Holliday Fenoglio Fowler, L.R) announced that it arranged $33.5 million in financing for the Hampton Inn 35th Street, a recently-completed, 147-room hotel in Manhattan's Herald Square.

Working exclusively on behalf of MMG-35 LLC, HFF senior managing director Jay Marshall placed the five-year, fixed-rate loan with Cigna Investments.

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Financing proceeds were used to acquire the property, which was part of a portfolio of three hotels. The hotels were pre-bought approximately 12 months ago with the titles changing hands upon receipt of the Certificate of Occupancy.

The Hampton Inn 35th Street is a 20-story, full-service hotel that opened for business in October 2008. Located at 57 West 35th Street, the property is between 5th and 6th Avenues close to Pennsylvania Station and Grand Central Station in Midtown West Manhattan.

"The Hampton Inn 35th Street is perfectly positioned to appeal to both business and leisure travelers. It is located close to the Midtown Manhattan office market as well as tourist spots such as Times Square, the Theatre District, Rockefeller Center and shopping along Fifth Avenue," said Marshall.