Steven Roth of Vornado and 1605 Broadway (Google Maps) Another sign of tolls hit by the New York hospitality pandemic is the $ 195 million mortgage on the Vornado Hotel in Times Square, which is being sold at a significant discount. The Crowne Plaza Times Square is pet-friendly for four-legged pets up to 25 pounds. Crowne Plaza Times Square New York. The property is currently 65 percent leased, according to CoStar. A source familiar with the transaction confirmed the refinance, which closed on April 19, records show. Vornado Realty Trust said it helped to Recapitalize The Crowne Plaza Hotel in Times Square under a joint venture between the property owners and one of its real estate funds. Built in 1989 and designed by The Alan Lapidus Group, the 46-story, mixed-use skyscraper includes the 795-key Crowne Plaza hotel, 7,700 square feet of retail space, 197,000 square feet of office space and a 159-space parking garage, according to information from Vornado’s website. See 1,171 traveler reviews, 685 candid photos, and great deals for Crowne Plaza Chengdu City Center, ranked #40 of 3,043 hotels in Chengdu and rated 4 of 5 at Tripadvisor. You also have the option to opt-out of these cookies. In another sign of the toll the pandemic has taken on New York City’s hospitality sector, the $195 million mortgage on Vornado’s Times Square hotel is being sold at a major discount. The $195 million senior mortgage on Vornado Realty Trust’s Crowne Plaza Times Square hotel is up for sale, Commercial Observer has learned. , the 46-story, mixed-use skyscraper includes the 795-key Crowne Plaza hotel, 7,700 square feet of retail space, 197,000 square feet of office space and a 159-space parking garage, according to information from Vornado’s website. Read the latest edition of the Commercial Observer online! upped its ownership stake in the hotel from 11 to 33 percent, Free and clear: Vornado pays off debt at 220 CPS, “Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call, Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue, NYC’s biggest real estate finance deals of 2020, Argent Ventures buying Vornado’s Times Square hotel debt at deep discount, “Shark Tank” investor looks to flip Los Angeles mansion, Manhattan office availability continues to reach new highs. Recommendations. Simple, interactive floor plans to envision your next event. This website uses cookies to improve your experience while you navigate through the website. Deutsche Bank declined to comment on the transaction, and Morgan Stanley could not immediately be reached. We also use third-party cookies that help us analyze and understand how you use this website. About Crowne Plaza Times Square Hotel in New York Serviced Office Professional, full service space that caters to those looking to do private work in a shared environment with office facilities and services. Roughly 3,700 square feet of street-level retail space as well as close to 78,000 square feet of office space from floors 10 through 12 are currently available for lease, as per Vornado’s website. See 11,970 traveller reviews, 4,398 candid photos, and great deals for Crowne Plaza Times Square Manhattan, ranked #239 of 505 hotels in New York City and rated 4 of 5 at Tripadvisor. We list the best Crowne Plaza Hotels Vienna hotels/lodging so you can review the Vienna Crowne Plaza Hotels hotel list below to find the perfect place. By clicking Subscribe you agree to our Privacy Policy. Search for cheap and discount Crowne Plaza Hotels hotel rooms in Vienna, VA for your upcoming meeting or individual travels. Vornado then bought out an undisclosed joint-venture partner for $95 million to acquire a 57 percent, majority stake in the the building, Vornado announced in a February 2015 news release; the transaction valued the property at roughly $480 million. Vornado then bought out an undisclosed joint-venture partner for $95 million to acquire a 57 percent, majority stake in the the building, Vornado announced in a February 2015 news release; the transaction valued the property at roughly $480 million. Apr 2015 – Present 5 years 6 months. WiFi is free, and this hotel also features an indoor pool and a restaurant. Vornado worked closely with marquee tenants to create large-scale, multilevel flagship retail both above and below grade. The property is currently 65 percent leased, according to. Menu & Reservations Make Reservations . “Rather than promoting and supporting its owner’s hotel, the Crowne Plaza brand is an albatross around the neck of the business — dragging with it the property owner’s half-billion dollar investment and its profitability,” Vornado’s lawyers wrote in the suit. The Crowne Plaza Times Square is pet-friendly for four-legged pets up to 25 pounds. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. In May, Vornado put the hotel operator on notice, claiming it had breached its licensing agreement at 1601 Broadway and set a 40-day deadline to begin addressing problems, the lawsuit says. Step away from Times Square's non-stop energy and enjoy the peace, quiet and privacy of a Traditional King room at Crowne Plaza. The Real Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry. Crowne Plaza Times Square breakfast that boats variety and is very tasty. A $137M CMBS Loan on Brookfield-Owned Mall in Wisconsin May Be Extended Three Years. Round-up of top news and topics for each of the following cities: Editorially-curated headlines and news to know for the following areas: The numbers behind office leases, retail, sales and financing. Now £176 on Tripadvisor: Crowne Plaza Times Square Manhattan, New York City. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Argent Ventures is acquiring the $195 million senior mortgage on Vornado Realty's Crowne Plaza Times Square at a discount, according to sources. Maklumat lanjut Guests must be at least 21 years or older to check-in. One of the largest real estate investment trusts in the country, Vornado owns more than 100 million square feet of space nationwide, primarily in the New York and Washington markets. Crowne Plaza Hotel, Times Square (Retail & office) Fuller Building; One Penn Plaza; Rego Center; Hotel Pennsylvania; The company also owns: 70% of 555 California Street in San Francisco, California (30% is owned by affiliates of Donald Trump) 70% of 1290 Avenues of the Americas in New York City (30% is owned by Donald Trump) Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. All 795 guest rooms boast views of either Times Square, the Hudson River or the Manhattan skyline. Get directions, reviews and information for Crowne Plaza Times Square Manhattan in New York, NY. Try again later. Guests praise the sightseeing. is situated in 7,000 square feet of retail space at the building’s street level. Please note that not all rate plans include breakfast. For full functionality of this site it is necessary to enable JavaScript. Learning Tree International is housed in 25,000 square feet, New York Sports Club holds 28,418 square feet at the base of the building, and the Hershey Company is situated in 7,000 square feet of retail space at the building’s street level. Now $69 (Was $̶9̶0̶) on Tripadvisor: Crowne Plaza Chengdu City Center, Chengdu. A full-service Times Square restaurant adjacent to the sunlit lobby of the Crowne Plaza, Brasserie 1605 offers a menu of classic American comfort food with fresh flair. Crowne Plaza was the only Holiday brand to see a net loss in rooms globally in 2015, losing 2,050 rooms in the Americas alone, according to the lawsuit. The American Management Association’s Executive Conference Center—New York’s largest conference center—is on the sixth floor; in all, AMA holds 88,066 square feet across floors six through eight. , a Deutsche Bank subsidiary—which at the time included a new roughly $84.7 million gap mortgage; the previous loan totaled $310 million and carried an interest rate at LIBOR plus 2.80 percent with a one-year extension option, and it was set to mature in December 2018, the firm said in a press release in February 2015. When Holiday didn’t make any requested changes, the REIT told the company that it would terminate the licensing agreement — effective August 8, the suit states. Its 770 rooms are spacious, and many of them (especially those on higher levels) have great city views. holds 28,418 square feet at the base of the building, and the. View deals for Crowne Plaza Times Square Manhattan, including fully refundable rates with free cancellation. All rights reserved © 2021 The Real Deal is a registered Trademark of Korangy Publishing Inc. In its lawsuit, Vornado argues that Holiday spent a paltry amount of money on advertising the hotel brand — only $4 million in the past six years. On the downside, decor is predictably generic, and rooms also show some wear. The company’s “woeful” marketing efforts and the “alarming underperformance” of the hotel brand represents a breach of its licensing agreement with Vornado, which requires it to Promote Crowne Plaza as an upscale hotel and “enhance the public image and reputation [of the hotel],” the lawsuit claims. [2] At 480 feet (146 meters), [2] with 46 floors, [1] it is the 94th tallest hotel in the world, the 29th tallest hotel in the United States, and the 15th-tallest hotel in New York City. Also show some wear come check out our $ 85 million re-invention and. 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