Vornado Reworks Debt On Crowne Plaza Hotel

Law360, New York (February 17, 2012, 4:51 PM EST) -- A fund of Vornado Realty Trust and the Morgan Stanley & Co.-backed City Investment Fund have formed a new joint venture and recapitalized New York's Crowne Plaza Hotel in Times Square, Vornado announced Friday.

The new venture plans to reconfigure and reposition the property's retail and office spaces, as well as add additional signage to the Manhattan hotel. Vornado will manage and lease the site's commercial spaces, while City Investment — which owns the property — will asset manage the hotel, according to the realty trust....
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