New owner Capstone revives Midtown’s Renwick Hotel
Excerpt from The Real Deal website: The Renwick Hotel has arisen after its new owner reportedly scored a “substantial discount” to acquire the property.
Capstone Equities reopened the hotel at 118 East 40th Street last month, the Commercial Observer reported. The hotel is operated by the private equity firm’s hospitality management arm, Rebel Hospitality.
The reopening caps off a challenging couple of years for the property. Meadow Partners, the previous owner, defaulted on a $46 million mortgage in April 2020 as the pandemic decimated the hotel industry. By November of that year, it appeared the hotel would be converted into a homeless shelter, although that never happened.
While the hotel was shuttered during the pandemic, Capstone made its move. It purchased the defaulted note from Heitman Capital Management in January for an undisclosed price, though reportedly scored a discount. Maxim Capital Group provided a $15.5 million loan for the note purchase.
Read the full article here: https://therealdeal.com/2022/05/12/new-owner-capstone-revives-midtowns-renwick-hotel/