The owners of a Fairfield Inn & Suites by Marriott on the northern fringes of Midtown are refinancing the 224-key hotel.
McSam Hotel Group secured the debt, structured as a $65.5 million commercial mortgage-backed securities loan on the hotel at 538 West 58th Street, from Citibank, and will put the funds toward capital improvements to the building.
The Fairfield Inn sits on West 58th Street between 10th and 11th avenues, three blocks west of Columbus Circle and about four blocks south of Lincoln Center.
James Murad, Adam Hakim and Michael Winter of RIPCO represented the borrower, which constructed the 18-story hotel in 2016. Fairfield Inn is now managed by M&R Hotel Management.
The financing replaces a $63 million loan issued by China CITIC Bank International, which was either a short-term extension or modification in March, according to property records. McSam had taken out about $105 million in loans from Deutsche Bank by the time of construction in October 2016.
Later that year, it was reported that McSam, owned by Sam Chang, got approval from Marriott for five ground-up hotels in New York City.
The other four included the 113-room TownePlace Suites by Marriott at 322-326 West 44th Street, a 566-room property at 338 West 36th Street made up of two separate hotel operations, and a 190-room Fairfield Inn & Suites by Marriott at 100 Greenwich Street.
Read More: Commercial Observer: McSam Hotel Group Refinances 538 West 58th Street With CMBS Loan
