{"id":1004174910,"date":"2017-05-03T05:19:27","date_gmt":"2017-05-03T13:19:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004174910"},"modified":"2021-05-14T22:56:37","modified_gmt":"2021-05-15T06:56:37","slug":"big-plans-for-nycs-out-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/big-plans-for-nycs-out-hotel\/","title":{"rendered":"Big Plans for NYC\u2019s Out Hotel"},"content":{"rendered":"

By Corina Stef<\/p>\n

\"The<\/a>

The Out Hotel, New York City<\/p><\/div>\n

In a recent deal brokered by The Carlton Group, Out Hotel in Manhattan landed\u00a0a $30.4 million purchase loan funded by private\u00a0lender Silver Arch Capital Partners. Carlton Group\u2019s Chairman Howard Michaels and Managing Director Steven Weiss acted on behalf of the owner, Merchants Hospitality Inc., which acquired the long-term lease of 510 W. 42nd St. last summer from former owners Parkview Developers<\/a> for a reported $40 million, public records show.<\/p>\n

“We needed a lender who could think outside the box. Jeffrey Wolfer<\/em>, p<\/em>resident & CEO of Silver Arch Capital Partners, was able to quickly underwrite the deal and deliver on a first mortgage bridge loan for the acquisition and renovation of the Cachet Hotel\u00a0NYC\u00a0and the iconic Playboy Club,<\/em>” Weiss said in prepared remarks.<\/p>\n

The owner joined forces with lifestyle branding and management company Cachet Hospitality Group and plans to redevelop the property, rebranding it to Cachet Boutique New York Hotel. The new facility’s ground floor will harbor The Playboy Club, which will return to the building\u00a0after having closed in 1986. Cachet will deliver a lounge bar, a full-service dining room, a game room and a retail shop. Changes are set for completion this year.<\/p>\n

\"The<\/a>

The Out Hotel, New York City<\/p><\/div>\n

The 105-key, three-story hotel\u2019s current amenities list includes on-site dining, a fitness center with spa and a business center. According to PropertyShark data, the 78,333-square-foot hotel comprises a\u00a0total of 14,000 square feet of retail space. However, after the rebranding, it is expected to include art-deco d\u00e9cor, high-end wellness facilities, an open-air Zen garden, outdoor spa and Jacuzzi, a 2,000-square-foot indoor-outdoor wine bar and event space known as Great Lawn and on-site dining provided by signature restaurant Eden.<\/p>\n

Located in Manhattan\u2019s Hell\u2019s Kitchen neighborhood, the asset is in the cultural center of the city, just block away from Hudson Yards, Times Square, Broadway theaters, Javits Center and Central Park.<\/p>\n

Image courtesy of The Out Hotel<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Private lender Silver Arch Capital Partners provided a $30.4 million acquisition loan for the Midtown Manhattan hotel, which will undergo an extensive repositioning process.<\/p>\n","protected":false},"author":241,"featured_media":1004174912,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21751,1600,21742,10],"tags":[35268,35266,35267,35265,35264],"class_list":["post-1004174910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-hotel","category-new-york","category-latest","category-northeast","tag-cachet-hotel-group","tag-howard-michaels","tag-merchants-hospitality-inc","tag-silver-arch-capital-partners","tag-the-carlton-group"],"acf":[],"yoast_head":"\nBig Plans for NYC\u2019s Out 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\/big-plans-for-nycs-out-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Plans for NYC\u2019s Out Hotel\" \/>\n<meta property=\"og:description\" content=\"Private lender Silver Arch Capital Partners provided a $30.4 million acquisition loan for the Midtown Manhattan hotel, which will undergo an extensive repositioning process.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/big-plans-for-nycs-out-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=\"2017-05-03T13:19:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T06:56:37+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/out-nyc-1.png\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-plans-for-nycs-out-hotel\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-plans-for-nycs-out-hotel\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Big Plans for NYC\u2019s Out Hotel\",\"datePublished\":\"2017-05-03T13:19:27+00:00\",\"dateModified\":\"2021-05-15T06:56:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-plans-for-nycs-out-hotel\\\/\"},\"wordCount\":351,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-plans-for-nycs-out-hotel\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/05\\\/out-nyc-1.png\",\"keywords\":[\"Cachet Hotel Group\",\"Howard Michaels\",\"Merchants Hospitality Inc.\",\"Silver Arch Capital Partners\",\"The Carlton Group\"],\"articleSection\":[\"Development\",\"Finance\",\"Hotel\",\"New York\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-plans-for-nycs-out-hotel\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/big-plans-for-nycs-out-hotel\\\/\",\"name\":\"Big Plans for NYC\u2019s Out Hotel - 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