MONY acquires mortgage note on Manhattan hotels

Real Estate Weekly, Nov 3, 1999

The MONY Group Real Estate Investment Management has acquired a mortgage note collateralized by two boutique Manhattan hotels from a prominent Japanese institution for $27.4 million.

The Doral Court, a 199-room hotel built in 1927, and the Doral Tuscany, a 121-room hotel built in 1928, are full-service facilities located in the heart of New York's Grand Central district.

The borrower, Starwood Lodging Trust, has nearly completed the process of converting both hotels to the Starwood "W" hotel brand. Included in the conversion are renovations of the lobbies and meeting spaces, as well as the addition of new restaurant, bar and spa facilities.

"Through their conversion to the W brand, these hotels will realize their full potential within New York City's robust hospitality market," said Richard Katzenstein, vice president of The MONY Group Real Estate Investment Management. "With the ownership and management expertise of one of the lodging industry's largest and most successful operators, we expect them to take their rightful place among Manhattan's most sought-after boutique hotels."