Manhattan Luxury Hotel Gets $31M Refi
- Mar 18, 2019
Madison Realty Capital has provided a $30.5 million collateral loan to Icon Realty Management for The GEM Hotel. The 81-key luxury boutique property is situated in the Chelsea neighborhood of Manhattan.
The sponsor, Icon Realty Management, will use part of the funds to refinance previous debt. The other part will serve to reposition the asset with an expanded marketing strategy and updated branding, as well as to make capital improvements to the property, which will include room, lobby and hallway upgrades as well as facade work. JLL has secured the financing through Vice Chairman Aaron Appel.
Located at 300 W. 22nd St., on the corner of Eighth Avenue and 22nd Street, The GEM Hotel is nearly 1 mile from Madison Square Park and half a mile away from Penn Station. The Highline Park, Hudson Yards and Chelsea Market are also in the vicinity.
The four-star, five-story luxury hotel was built in 1912 as a residential property. In 2007, Icon Realty Management bought and converted it to hospitality use, installing new mechanical systems and making structural upgrades to the building. Common-area amenities include a fitness center and bicycle rental service.
Image via Google Street View