Deal Size: $65,000,000 • Service Provided: Advisory
Property
A 250-key full-service hotel asset in New York City that had remained shuttered for over six years. Park 49 was retained as a core advisory partner to navigate a complex multi-stakeholder acquisition, municipal lease restructuring, and long-term asset repositioning strategy.
Scenario
A 250-key New York City hotel asset presented a rare value-add opportunity after remaining closed and non-operational for over six years. The acquisition required navigating an intricate web of legacy liabilities, lender negotiations, and city ground lease renegotiations. The buyer retained Park 49 as a core advisor to structure the transaction and align all stakeholders including existing ownership, mortgage lenders, and city officials to secure a clean operational transition. Park 49’s advisory framework enabled the sponsor to restructure the lease terms, resolve outstanding encumbrances, and establish a viable capital plan for full-scale renovation. Following the successful acquisition, Park 49 remains an ongoing advisor to new ownership, guiding capital allocation and debt advisory throughout the physical and brand repositioning of the landmark asset.