European real estate bank Eurohypo and a wholly owned subsidiary of Germany’s Aareal Bank, Aareal Capital Corp., are providing $180 million in a loan for the Doubletree Times Square Hotel in Manhattan, Commercial Real Estate Direct reports. Southern California–based lodging real estate investment trust (Reit) Sunstone Hotel Investors had bought the hotel in 2006. The new financing, with a seven-year term, replaces $270 million of senior and mezzanine loans that the Reit had assumed when it bought the hotel earlier in 2011. That debt was scheduled to mature in January. The difference of $90 million between outstanding dues against the property and the new loan was settled in cash.
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