A partnership between Atlas Hospitality and Flintlock Construction has secured a $120M construction loan for a 32-story hotel that will be built at 711 Seventh Avenue in Times Square.
Beach Point Capital Management provided the three-year, floating-rate loan, which includes two, one-year extension options.
The venture will build a 401-key hotel on a former retail site on the corner of 48th Street that will operate under the Voco Brand. IHG Hotels & Resorts, which owns the Voco brand, will operate the property—the first ground-up Voco hotel in NYC.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
