NEW YORK, NY, Feb. 10, 2012 - PCCP, LLC announced today it has provided a $65 million senior loan for the acquisition and repositioning of Cassa Hotel (top left photo), a 165-room luxury hotel property located at 70 West 45th Street in New York City, on behalf of the buyer, HNA Property Holding Group Co, a Chinese corporation.
The loan is secured by the lower 24 stories and basement levels (hotel and retail portion) of a 45-story tower, with floors 25-45 consisting of residential condo units that are not collateral for the loan.
Cassa Hotel is located in the heart of midtown Manhattan on 45th Street between 5th and 6th Avenues. The property is newly constructed and was purchased from the original developer who delivered the project in August 2010. “This investment gives PCCP the opportunity to originate a loan at an attractive basis on a newly constructed luxury hotel in a market with strong fundamentals,” said Rob Cohen, senior vice president with PCCP.
Kevin Chin, vice president with PCCP added: “The property has an ideal Midtown Manhattan location that is proximate to a wide range of demand drivers including Times Square (middle right photo), Rockefeller Center (lower left photo), luxury shopping on Fifth Avenue and the midtown office market, and we expect the property will benefit from the opening of the BLT restaurant and improved management by an experienced operator.” In addition to the 165 hotel rooms, Cassa Hotel includes 11,000 square feet of restaurant space leased to BLT Restaurant which is scheduled to open in early 2012, 1,100 square feet of meeting space, 2,000 square feet of lounge and outdoor terrace space, and a fitness center.
HNA has plans for a minor renovation and will commence a rebranding of the hotel to a boutique luxury 4-star hotel that will be managed by Viceroy Hotel Group.
Contact: Darcie Giacchetto, Spaulding Thompson & Associates, 949.278.6224
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