We advised Extell on the financing

Davis Polk advised an affiliate of Extell Development Company in obtaining a $325 million mortgage loan from a group of lenders led by Guggenheim Loan Services Company, LLC, an affiliate of Guggenheim Partners. The loan proceeds will be used to pay off Extell’s existing construction financing and to finance the operation of a recently constructed 450-foot tall, 446-key upscale hotel in Times Square that is leased to an affiliate of Hard Rock Cafe International (USA), Inc. and will be branded “Hard Rock Hotel Times Square.” The hotel, which is expected to open in April, will include a number of customized amenities, such as a state-of-the-art gym, four food and beverage venues encompassing over 33,000 square foot (including a 6,300 square foot indoor/outdoor rooftop oasis overlooking Times Square and Rockefeller Center). The hotel marks Hard Rock’s first entry into the New York City hotel market.

Extell Development Company is a New York-based developer of commercial, residential, retail, hospitality and mixed-use properties with a portfolio that currently exceeds 25 million square feet and includes properties like the Park Hyatt New York, Intercontinental Hotel and Residences and ONE57.

The Davis Polk real estate team included partner Michael J. Rishty and associates Gregory D. Crane and Omar Ashmawy. Partner Ethan R. Goldman and associate Bradford Sherman provided tax advice. All members of the Davis Polk team are based in the New York office.

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