James New York hotel sells for $66.3m

Thor Equities has completed the purchase of the James New York hotel in Soho in a $66.3 million transaction in partnership with multiple high-net-worth investors. Thor acquired the 18-story, 114 room property at 27 Grand Street, which will continue to operate as a James hotel until 2019, when it will be relaunched under a new brand. The deal was completed with a $44 million floating-rate loan from French bank Natixis. The seller, PGIM Real Estate, bought the hotel for $83.4 million in 2013 from Brack Capital Real Estate, which developed the hotel in 2010.