A joint venture between Smith Hill Capital and Bain Capital has completed a $216 million refinancing for the 774-room Westin New York Grand Central Hotel.
The Midtown Manhattan hotel, built in 1981, was purchased by Davidson Kempner Capital Management, a private equity firm, and HEI Hotels & Resorts for $302 million in January 2019, according to CoStar data. The property features 18,750 square feet of flexible meeting and event space, a full-service restaurant, a fitness center, and underwent a major renovation in 2021.
Strategic Location Near Grand Central Terminal
“The Westin Grand Central is a flagship property in one of the world’s most dynamic lodging markets,” said Brendan McCormick, managing principal at Smith Hill Capital, in a news release. “Its location near Grand Central Terminal and Midtown’s largest employers makes it a cornerstone for both business and leisure travelers.”
Smith Hill Capital and Bain Capital Joint Venture
Smith Hill Capital manages commercial real estate debt for Procaccianti Companies, while Bain Capital is a private investment firm with roughly $185 billion in assets. The two firms formed a joint venture in October 2023 to provide debt and preferred equity for the hospitality sector, with plans to deploy $1 billion in capital over the next few years. JLL’s Hotels & Hospitality Group represented the sponsors in the deal.
Recent Hospitality Sector Deals by the Joint Venture
The joint venture has completed several recent deals, including a $72 million first mortgage loan to KSL Capital Partners for its Hotel Viking in July 2024, and a $235 million refinancing for Gurney’s Montauk Resort & Seawater Spa.
“This transaction shows our ability to provide flexible and creative capital solutions for high-quality properties and borrowers,” said David DesPrez, a partner at Bain Capital, about the Westin refinancing.
Author Profile
-
The writer is a real estate journalist specializing in all types of New York City properties, including luxury residences, commercial spaces, and homes.
He also writes humorous articles about real estate, investors, and realtors.
Latest Posts
BlogDecember 15, 2025Houston Real Estate 2026: Growth and Hotspots Ahead
BlogDecember 3, 2025Why Houston Real Estate Investing Is Surging in 2026
BlogNovember 29, 2025Real Estate Market Insights: Why Every Call Matters
PerspectiveNovember 20, 2025Things to do in New York without real estate agents