NEW YORK—Cushman & Wakefield advised affiliates of lodging REIT Hersha Hospitality Trust in the turnkey acquisition financing of the Hyatt Union Square Hotel here.
The $55-million, floating-rate loan was provided by Natixis Real Estate Capital. The property is expected to open this month.
The property is located at 132 Fourth Ave. between 12th and 13th Sts. and will feature 178 guestrooms in a contemporary tower atop a landmark building base. The hotel also will offer a restaurant leased and operated by the team behind area restaurants Tocqueville and 15 East.
Jared Kelso and Ernest Lee of Cushman & Wakefield Global Hospitality represented Hersha in the transaction.