Vornado Increases its Ownership in
Crowne Plaza Times Square Hotel to 33%
PARAMUS, NEW JERSEY,...Vornado Realty Trust (NYSE:VNO), today announced that it has invested an additional $39 million to increase its ownership interest in the Crowne Plaza Times Square Hotel to 33% from 11%. Vornado co-invested with its 25% owned Real Estate Fund and one of the Fund’s limited partners to buy out the Fund’s joint venture partner’s 57% interest in the property for approximately $95 million. This transaction values the property at approximately $480 million. The property is encumbered by a newly placed $310 million mortgage loan bearing interest at LIBOR plus 2.80% and maturing in December 2018 with a one-year extension option.
The property is located at 48th Street and Broadway in Times Square and is comprised of a 795-key hotel, 7,700 square feet of prime retail space and associated signage, 197,000 square feet of office space, a 159-space parking garage and a health club.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.