HNA Property Holding Group announced this week that, with a $65 million senior loan provided by PCCP LLC, the company was purchasing Cassa Hotel in midtown Manhattan for $130 million. Assa Properties sold the 165-room hotel portion of Cassa Hotel and Residences at 70 West 45th Street to the Chinese corporation, headquartered in Beijing, which will rebrand the hotel as a boutique luxury four-star hotel that will be managed by Viceroy Hotel Group.
"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," Rob Cohen, senior vice president with PCCP, said.
"New York City has demonstrated the ability to absorb new supply as exhibited by its historically high occupancy rates," Arthur Adler, a managing director with JLL Hotels said. "The City has rebounded from the recession, and the market will remain high on investors’ list of cities to target for investment in 2012."
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