Smith Hill Capital and Bain Capital Announce $216 Million Refinancing for 774-Room Westin New York Grand Central

NEW YORK--(BUSINESS WIRE)--Smith Hill Capital, the fully integrated commercial real estate debt investment management business of Procaccianti Companies, and Bain Capital today announced the firms' joint venture completed a $216 million refinancing for the iconic Westin New York Grand Central Hotel.

Centrally located in the heart of Midtown Manhattan on East 42nd Street, one block from Grand Central Terminal, the hotel is within walking distance of top office tenants, tourist landmarks, and major transit access points. The 774-key Westin New York Grand Central features 18,750 square feet of flexible meeting and event space, a full-service restaurant — Amuse Marketplace & Bar — as well as a fitness center and valet parking. The property was acquired by its current ownership in 2019 and underwent extensive renovations in 2021.

"The Westin Grand Central is a flagship property in one of the world's most dynamic lodging markets. Its proximity to Grand Central Terminal and Midtown's largest employers makes it a cornerstone asset for both business and leisure travel," said Brendan McCormick, Managing Principal, Smith Hill Capital. "Together with Bain Capital, we continue to pursue opportunities in premier urban markets as well as high-quality destination markets where we see consistent demand and long-term value creation potential."

"This transaction further demonstrates our ability to provide flexible and creative capital solutions for high-quality assets and borrowers," said David DesPrez, a Partner at Bain Capital. "We are pleased to be selected as the partner of choice on this transaction and look forward to supporting the continued growth of this exceptional asset."

"We're proud to have facilitated this successful refinancing, marking another milestone in our long-standing relationship with this exceptional asset," said Kevin Davis, Americas CEO of JLL's Hotels & Hospitality Group. "This transaction not only provides our client with enhanced financial flexibility but also demonstrates the continued investor confidence in premier Manhattan hospitality assets."

Smith Hill and Bain Capital's joint venture focuses on serving the financing needs of hospitality companies and assets in demand-driven markets across the U.S. The partnership combines decades of industry and capital markets experience with a highly attractive market opportunity.

JLL's Hotels & Hospitality Group represented the sponsors in the transaction.

About Smith Hill Capital
Smith Hill Capital ("Smith Hill" or "SHC") is the fully integrated commercial real estate debt investment management business of the Procaccianti Companies (est. 1958). Smith Hill Capital was formed to invest in compelling commercial real estate debt opportunities that exist due to liquidity challenges and dislocation in commercial real estate financial markets. Smith Hill Capital is led by seasoned investment professionals who have multi-cycle investment experience and the tenured skill set to identify opportunities throughout the entire commercial real estate capital structure, spanning from securities to equity ownership. For more information, please visit www.smithhillcapital.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world's leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).