MCR Hotels, Island Capital Group close $260m refinancing for Sheraton New York Times Square

MCR Hotels, Island Capital Group and JLL’s Hotels & Hospitality group have closed on a $260 million refinancing of the 1,780-room Sheraton New York Times Square.

The four-year, floating-rate loan retires $250 million in outstanding seller-financing that was sourced when MCR Hotels and Island Capital acquired the hotel in April 2022. The new financing was provided by funds managed by affiliates of Fortress Investment Group,

“Successfully refinancing the Sheraton New York Times Square’s loan is a key component of our strategy to help the hotel capture additional market share and ensure it remains a premier destination on a long-term path for continued success,” said Andrew Farkas, Managing Member, chairman and CEO of Island.

“We are pleased to complete the refinancing of the Sheraton New York