Crowne Plaza Hotel LGA, Queens, NY

Fields Tax Exempt Bond Deal | New York, NY

Brickman purchased a subordinate interest in two tax-exempt bond issues (then in default) for $65mm, a 25% discount to par value. The bonds were collateralized by the Crowne Plaza LaGuardia, a 7-story hotel with 358 rooms and 12,500 square feet of meeting room space, and the JFK Holiday Inn, a 12-story hotel with 360 rooms and 6,334 square feet of meeting room space.

Both hotels are in key locations situated near LaGuardia International Airport and John F. Kennedy International Airport respectively. The Crowne Plaza LaGuardia was built in an in-fill location. Both properties suffered from severe mismanagement, and a need for significant capital improvements.

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