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.
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