NEW YORK CITY-The Cassa Hotel—a boutique165-room Times Square hotel topped by residential condo units—hasbeen sold to a Chinese company, HNA Property HoldingGroup.
The hotel, located at 70 W. 45th St., is managed by theViceroy Hotel Group.
HNA bought the hotel for approximately $130 million, whichincludes a $65 million senior loan provided by PCCPLLC, a real estate private equity firm. HNA had enteredinto a binding contract for the acquisition in April 2010. Thecompany plans undertake a minor renovation of the property,followed by a rebranding. Assa Properties, theseller, has retained ownership of the residential portion of thebuilding.
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