Sonesta International Hotels Secures $245 Million Refinance Loan From Fortress Investment Group
303 Lexington Avenue
$245,000,000
$417/SF
Building Size
587,259 SF
Asset Type
Hotel
Closing
Jun 23, 2026
About this deal
AI
The asset involved in this transaction is a hotel located at 303 Lexington Avenue in Murray Hill, Manhattan. This property has a total square footage of 587,259. The loan amount secured for this property is $245 million, which is classified as a refinance loan.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $245,000,000
- Address: 303 Lexington Avenue
- Market: Murray Hill, Manhattan
- Lender: Drew McKnight & Jack Neumark - Fortress Investment Group
- Landlord: Keith Pierce & Jeff Leer - Sonesta International Hotels
- Loan Type: Refinance
This transaction involved Sonesta International Hotels securing the refinancing loan, which also includes portfolio properties in addition to the location at 303 Lexington Avenue, specifically at 125 and 155 E. 50th St. in Midtown East. The lenders, Drew McKnight and Jack Neumark, represent Fortress Investment Group in this deal.
On the Map
$245,000,000
$417/SF
Hotel
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93