Chartwell Hospitality Secures $100 Million Financing for New Marriott Hotel

Chartwell Hospitality has successfully obtained $100 million in permanent financing for the newly constructed Marriott New York JFK Airport Hotel, according to reports from Commercial Observer. This financing will play a key role in furthering the development and operational capacity of the hotel located at 135-25 142nd Street in Jamaica, Queens.

Details of the Financing Arrangement

The funding comes in the form of a five-year, interest-only commercial mortgage-backed securities (CMBS) loan, which was originated by Citigroup. The proceeds from this loan will be used to refinance existing debt, cover transaction costs, and implement property enhancements.

Transaction Facilitation

The transaction was arranged by Ripco Real Estate, with Adam Hakim and James Murad leading the efforts. On behalf of Citigroup, the deal was negotiated by Joseph Dyckman and Gabe Podair.

Market Positioning and Confidence

James Murad expressed his confidence in the asset and Chartwell’s management, stating, “This transaction reflects the depth of lender confidence in both the asset and Chartwell’s execution. The Marriott is uniquely positioned to capture consistent demand from travelers, airline crews, and corporate clients.”

Recent Financing Activities

In addition to the recent $100 million loan, Chartwell Hospitality previously secured a $48 million loan from Citigroup to refinance the Residence Inn New York JFK Airport, located at 142-30 135th Avenue, also within Jamaica, and part of the Marriott brand.

Conclusion

The strategic financial decisions made by Chartwell Hospitality reinforce their commitment to enhancing the hospitality offerings near JFK Airport, catering to a broad demographic of guests, including casual travelers and corporate clients. Further comments from officials at Citigroup and Chartwell were not immediately available.