Lam Group Grabs $68M Refi on FiDi Hotel

Lam Group Grabs $68M Refi on FiDi Hotel

EB-5 Visa, EB5 Visa, EB5 Investments

A Lower Manhattan hotel has locked in a $67.5 million refinancing from Investors Bank, New York City property records show.

In a deal that closed earlier this week, Lam Group, led by investor John Lam, refinanced the outstanding debt on its Four Points by Sheraton New York Downtown, which opened in February 2016. The new deal includes $1.3 million in fresh debt, as well as a refresh of the $66.2 million of loans that are outstanding on the building. The most recent previous round of financing came from Shanghai Commercial Bank, which lent $70 million on the building in late 2016.

The 261-room property stands at 6 Platt Street between Gold and Pearl Streets, a few blocks away from the New York Stock Exchange. A restaurant, Ketch Brewhouse, operates on the hotel’s top floor adjacent to a rooftop patio, and the site also features a gym and a fitness center for guests. 

Real Hospitality Group manages the property on behalf of Lam, which has emphasized the use of funding under the EB-5 visa program to draw Chinese investment to its New York City development projects. Other lodgings it controls in the city include another Sheraton in Brooklyn, an Aloft hotel in Manhattan and a Marriott Residence Inn blocks from the Four Points at the corner of Broadway and Maiden Lane. 

The company is also on the verge of opening a Virgin Hotel at 1225 Broadway in NoMad, in a new 28-story building that topped out earlier this year.

Rooms this weekend at the Four Points by Sheraton start at $159 per night, according to rates available on the hotel’s website

Representatives for Lam Group and Investors Bank didn’t immediately respond to an inquiry for this article.

In a 2015 interview with Commercial Observer, Lam, who grew up in mainland China and Hong Kong, described how his real estate business grew out of a successful garment-industry enterprise.

“The garment industry started shrinking and I converted factories to office condos. So then when the market [was] down, I bought a lot of real estate at foreclosure from the bank,” the founder explained.

That year, Lam Group was responsible for seven in 10 newly built hotels in the city, Lam said.



  • New York

Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.