{"id":1004036505,"date":"2012-02-13T08:44:28","date_gmt":"2012-02-13T16:44:28","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036505"},"modified":"2022-12-09T01:55:18","modified_gmt":"2022-12-09T09:55:18","slug":"chinese-firm-hna-property-holding-spends-130m-on-nycs-cassa-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/chinese-firm-hna-property-holding-spends-130m-on-nycs-cassa-hotel\/","title":{"rendered":"Chinese Firm HNA Property Holding Spends $130M on NYC&#039;s Cassa Hotel"},"content":{"rendered":"<p><strong>February 13, 2012<\/strong><br \/>\n<em>By Barbra Murray, Contributing Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021312-Cassa-Hotel-NYC.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021312-Cassa-Hotel-NYC.jpg\" alt=\"\" title=\"021312 - Cassa Hotel NYC\" width=\"300\" height=\"168\" class=\"alignright size-medium wp-image-1004036506\" \/><\/a><\/p>\n<p>Providing a $65 million senior loan, PCCP L.L.C. helped pave the way for HNA Property Holding Group Co.&#8217;s $130 million purchase of the 165-room Cassa Hotel in midtown Manhattan, from Assa Properties. The loan also allowed the borrower, a subsidiary of HNA Group, China&#8217;s fourth largest air group, the funds to reposition the new luxury hotel.<\/p>\n<p>Cassa Hotel opened its doors in the 45-story mixed-use Cassa Hotel &amp; Residences tower at 70 W. 45th St. in August 2010. Just months before its completion, HNA had entered into a binding contract to purchase the property from Assa. In addition to upscale guestrooms, the new hotel, which occupies the first 24 stories of the building, features 11,000-square feet of fully leased restaurant space; 1,100 square feet of meeting space; a 2,000-square-foot lounge; and a fitness facility. With proceeds from the loan, HNA will give the new lodging destination a mini-makeover that will transform it into a four-star boutique hotel.<\/p>\n<p>&#8220;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,&#8221; Rob Cohen, senior vice president with PCCP, said.<\/p>\n<p>Despite the fact that room inventory is on the rise in Manhattan &#8211;17 new  properties encompassing an aggregate 2,700 rooms will debut this year, according to  a report by Jones Lang LaSalle Hotels &#8212; the city&#8217;s fundamentals are, indeed, strong. Before the close of 2011, year-over-year hotel room revenue had jumped 7.4 percent, and new product or no, there appears to be no end in sight to the market&#8217;s improvement.  &#8220;New York City has demonstrated the ability to absorb new supply as exhibited by its historically high occupancy rates,&#8221; Arthur Adler, a managing director with JLL Hotels said. &#8220;The City has rebounded from the recession, and the market will remain high on investors\u2019 list of cities to target for investment in 2012.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HNA Property Holding Group Co. purchased the 165-room Cassa Hotel in midtown Manhattan from Assa Properties for $130 million. The transaction was helped by a $65 million senior loan from PCCP L.L.C.<\/p>\n","protected":false},"author":1201,"featured_media":1004038836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21782,21808,21751,21742,10],"tags":[],"class_list":["post-1004036505","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-development","category-featured","category-hotel","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chinese Firm HNA Property Holding Spends $130M on NYC&#039;s Cassa Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/chinese-firm-hna-property-holding-spends-130m-on-nycs-cassa-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinese Firm HNA Property Holding Spends $130M on NYC&#039;s Cassa Hotel\" \/>\n<meta property=\"og:description\" content=\"HNA Property Holding Group Co. purchased the 165-room Cassa Hotel in midtown Manhattan from Assa Properties for $130 million. The transaction was helped by a $65 million senior loan from PCCP L.L.C.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/chinese-firm-hna-property-holding-spends-130m-on-nycs-cassa-hotel\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-13T16:44:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:55:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021312-Cassa-Hotel-NYC.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"270\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/chinese-firm-hna-property-holding-spends-130m-on-nycs-cassa-hotel\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/chinese-firm-hna-property-holding-spends-130m-on-nycs-cassa-hotel\/\",\"name\":\"Chinese Firm HNA Property Holding Spends $130M on NYC&#039;s Cassa Hotel - 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