LOS ANGELES--(BUSINESS WIRE)--The Gehr Group (www.gehr.com) announced it secured $20 million in financing from MidFirst Bank for the leasehold interest in the Fairfield Inn & Suites Manhattan / Times Square, completing the $181 million recapitalization of the New York assets held by its newly formed subsidiary, Gehr Hospitality. The first phase of the recapitalization took place in July 2016, when the company secured a $60 million loan from French bank Natixis for the fee interest in the Fairfield Inn & Suites Manhattan / Times Square, a $46.7 million loan from Wells Fargo for the fee interest in the Four Points by Sheraton / Midtown Times Square, and a $54.5 million loan from Guardian Life Insurance Company for the leasehold interest in the Four Points by Sheraton / Midtown Times Square.
“The Gehr Group is committed to continued growth for all of our business units, and Gehr Hospitality will be using proceeds from this latest financing to expand its portfolio of hotels,” said David Lifschitz, President and CEO of The Gehr Group.
“We are actively pursuing several opportunities to acquire new hospitality assets,” added Ms. Thuong Luong, CIO of Gehr Hospitality, who sourced the financing with MidFirst Bank.
About The Gehr Group:
Founded in 1965, The Gehr Group is a diversified concern headquartered in Los Angeles, California. Its principal business units are engaged in international trade, real estate, manufacturing, wholesale and distribution. Additional information about The Gehr Group is available at the company’s website, www.gehr.com.