NEW YORK CITY—PCCP LLC has provided a $65 million senior loan for the acquisition and repositioning of Cassa Hotel, a 165-room luxury hotel property located at 70 West 45th Street, 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 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.
In addition to the 165 hotel rooms, Cassa Hotel includes 11,000 sq. ft. of restaurant space leased to BLT Restaurant, which is scheduled to open in early 2012; 1,100 sq. ft. of meeting space; 2,000 sq. ft. of lounge, outdoor terrace space and a fitness center.
HNA has plans for a minor renovation and will commence rebranding to a boutique luxury 4-star hotel that will be managed by Viceroy Hotel Group.