NEW YORK—Cushman & Wakefield’s Jared Kelso and Ernest Lee have advised Hersha Hospitality Trust affiliates in the turnkey acquisition financing of the Hyatt Union Squarein Manhattan, which is expected to open this month. The $55 million floating-rate loan was provided by Natixis Real Estate Capital.
Located at 134 Fourth Ave. and situated between 12th and 13th streets, the Hyatt Union Square will include 178 guestrooms. The hotel will also include a restaurant.
“This transaction demonstrates the robust appetite of balance sheet lenders for hospitality product,” said Kelso, a C&W Managing Director. “The Hyatt Union Square will accommodate an underserved lodging submarket in Manhattan and demonstrates Hersha's continued ability to source unique acquisition opportunities.”