{"id":1004110532,"date":"2015-01-07T06:43:05","date_gmt":"2015-01-07T14:43:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004110532"},"modified":"2022-12-08T23:26:51","modified_gmt":"2022-12-09T07:26:51","slug":"meridian-arranges-135m-in-financing-for-worlds-tallest-holiday-inn","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-135m-in-financing-for-worlds-tallest-holiday-inn\/","title":{"rendered":"Meridian Arranges $135M in Financing for World\u2019s Tallest Holiday Inn"},"content":{"rendered":"<p><i>By Keith Loria, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Holiday-INN.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004110535\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/meridian-arranges-135m-in-financing-for-worlds-tallest-holiday-inn\/holiday-inn-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Holiday-INN.jpg\" data-orig-size=\"363,800\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Holiday INN\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Holiday-INN.jpg?w=363\" class=\"alignright size-medium wp-image-1004110535\" alt=\"Holiday INN\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Holiday-INN.jpg\" width=\"136\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Holiday-INN.jpg 363w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/01\/Holiday-INN.jpg?resize=136,300 136w\" sizes=\"auto, (max-width: 136px) 100vw, 136px\" \/><\/a><\/i><\/p>\n<p>Meridian Capital Group, L.L.C., has facilitated a $135 million mortgage for the refinance of the Holiday Inn Manhattan-Financial District, a 50-story limited-service hotel property in New York City, on behalf of Sam Chang and Jubao Xie.<\/p>\n<p>The two-year loan was provided by a national balance sheet lender and features a competitive floating-rate with interest-only payments for the full term.<\/p>\n<p>\u201cThe success of the project is due to its proximity to many of downtown New York\u2019s major attractions,\u201d Emanuel Westfried, Meridian Capital Group\u2019s vice president, told <i>Commercial Property Executive<\/i>. \u201cThis includes the World Trade Center Memorial, Brookfield Place, the historic Wall Street area, South Street Seaport and the soon to open Westfield World Trade Center, as well as numerous culinary and retail destinations in the immediate area.\u201d<\/p>\n<p>Located at 99-103 Washington St., just two blocks south of the World Trade Center, the hotel is comprised of 492 keys and is the tallest Holiday Inn in the world. Rooms feature scenic views of both the Freedom Tower and New Jersey.<\/p>\n<p>The Holiday Inn Manhattan-Financial District opened this past October.<\/p>\n<p>According to Westfried, the loan will be used to recapitalize the current sponsorship as its existing debt was $45 million from Cathay Bank, which was used to finance construction.<\/p>\n<p>\u201cThe new lender was willing to provide $135 million in proceeds with no operating history and closed the same day the hotel opened for business,\u201d Westfried added.<\/p>\n<p>Back in July, Lesser Weiss Hospitality Advisors reported the <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/guest-column-fidis-growing-hotel-market\/1004101555.html\">average daily rate for the Financial District<\/a>, or FiDi, which spans the southernmost portion of Manhattan below Chambers Street, was $260, with an overall occupancy rate of 83 percent producing revenue per available room (RevPAR) of $215.80.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meridian Capital Group has facilitated a $135 million mortgage for the refinancing of the Holiday Inn Manhattan-Financial District, on behalf of Sam Chang and Jubao Xie.<\/p>\n","protected":false},"author":451,"featured_media":1004110535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21751,21783,11,21742,10],"tags":[],"class_list":["post-1004110532","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hotel","category-investment","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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