Cooper Square Hotel up for sale

New York /
May.May 11, 2011 10:00 AM

The mezzanine lender that took over the Cooper Square Hotel in a debt restructuring deal late last year is now ready to unload the property. According to the Post, Westport Capital Partners has tapped Douglas Harmon and Adam Spies of Eastdil Secured to market the 21-story East Village hotel, which was built around an old tenement building at 27 Cooper Square and debuted in late 2008 after years of delays. It ran into financial trouble soon after, and last year, as restructuring talks were ongoing, the owners of the Soho Grand and Tribeca Grand hotels had come close to purchasing the 145-room property but pulled out of the deal at the eleventh hour. Instead, Westport took control in a transaction valued at $70.9 million, The Real Deal reported at the time. Sources said the hotel is expected to fetch upwards of $80 million — the price a still-anonymous buyer is expected to pay for the much older Chelsea Hotel, which Harmon was also charged with marketing. King-sized rooms at the Carlos Zapata-designed Cooper Square Hotel are currently going for between $392 and $441 per night. [Post]


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