A CBRE team led by Matthew Klauer advised Kensico Properties on the refinancing of The Lowell Hotel, a luxury boutique hotel located on Manhattan’s Upper East Side. Blue Owl Capital has provided a $106-million senior loan that replaces the existing debt and positions. The hotel has been owned and operated by Kensico Properties since its development as a hotel in 1984.
The Lowell, located between Madison and Park Avenues at 28 East 63rd St,, features 74 guestrooms and suites, many with wood-burning fireplaces, private terraces and residential-style layouts.
“The Lowell represents one of the most storied and irreplaceable luxury hospitality assets in the U.S.,” said Klauer. “The hotel’s unmatched reputation, superior market position and experienced ownership group made this an exceptional lending opportunity.”
The Lowell is home to food-and-beverage venues including Majorelle, Jacques Bar, The Club Room and The Pembroke Room, and benefits from its location within walking distance of Central Park, Museum Mile and Madison Avenue’s luxury retail corridor.