The Real Deal New York

LES boutique hotel nabs $7M loan

New Jersey-based Century Capital Partners put up the cash
May 03, 2014 11:00AM

 New Jersey-based Century Capital Partners has loaned the Blue Moon Hotel on the Lower East Side $7 million for renovations.

The boutique hotel, which is located at 100 Orchard Street, is owned by Randy Settenbrino and has been for sale off-and-on for several years, according to the Lo-Down. Last year, the hotel was asking $19 million.

In a press release, Century Capital’s president, David Hecht, said: “Manhattan is a marketplace in which we have always shown great interest, but had not yet found the right opportunity. ”

Blue Moon, which offers 22 period-specific rooms, plans to use the cash for “minor renovations and interior design updates to reflect the historic style and discerning tastes that its location dictates.” [Lo-Down]Christopher Cameron