Gehr Group Completes Final Phase of $181MM Financing Package for Gehr Hospitality

The Gehr Group announced it secured $20 million in financing from MidFirst Bank for the leasehold interest in the Fairfield Inn & Suites Manhattan / Times Square, completing the $181 million recapitalization of the New York assets held by its newly formed subsidiary, Gehr Hospitality. The first phase of the recapitalization took place in July 2016, when the company secured a $60 million loan from French bank Natixis for the fee interest in the Fairfield Inn & Suites Manhattan / Times Square, a $46.7 million loan from Wells Fargo for the fee interest in the Four Points by Sheraton / Midtown Times Square, and a $54.5 million loan from Guardian Life Insurance Company for the leasehold interest in the Four Points by Sheraton / Midtown Times Square.