Cushman & Wakefield Sonnenblick Goldman Arranges Construction Loan
New Hotel in Midtown Manhattan
NEW YORK, NY, December 16, 2008. Although obtaining financing is considerably more difficult in today's credit market, Cushman & Wakefield Sonnenblick Goldman is pleased to announce that it has successfully arranged a $55 million construction loan for a new upscale hotel that is rising at the corner of Lexington Avenue and 48th Street.
"While the finance market is quite challenging, there are creative ways to capitalize hospitality transactions," said Mark Gordon, executive vice president, principal and head of the U.S. Hotel Group at Cushman & Wakefield Sonnenblick Goldman. "This will be the first new hotel to be built in the Midtown submarket in many years, which underscores the viability of the New York hospitality market, as virtually every other major U.S. city has had multiple full-service hotels constructed during this period."
Opening in 2010, the 25-story luxury suite hotel will include 116 guest suites, a library lounge, wine bar and caf'e, an executive boardroom, and a fitness center with in-room spa services. Features include European kitchenettes and in-room state of the art technology for the longer stay business or leisure traveler. Hersha Hospitality Management, L.P., a leading hotel operator with over 9,546 hotel rooms in major metropolitan markets will manage the property upon its completion.
The development will also include approximately 3,800 square feet of prime corner retail space on Lexington Avenue - located on the lower- and first-floor levels of the hotel - and is expected to be leased to a high-end retailer.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
