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Fortuna locks down $65M construction loan for boutique Midtown hotel
M&T Bank lends on 176-key Hotel Hendricks on West 38th Street
Morris Moinian’s Fortuna Realty Group landed a $65 million construction loan from M&T Bank for the 176-key hotel the company is building south of Bryant Park. The project had originally been planned as an Aloft, but will now be an independent lodge called Hotel Hendricks.
Fortuna closed today on the loan for the 30-story hotel at 25 West 38th Street, the firm said.
The developer had originally partnered with Starwood Hotels & Resorts to bring its techie-focused, select-service Aloft brand to the site, between Fifth and Sixth avenues, but is now developing the boutique property solo.
In September, Marriott International closed on its $13 billion acquisition of Starwood, stoking uncertainty about how the two companies’ rewards programs would be integrated. Now the world’s largest hotel operator, Marriott later announced that it would keep all 30 brands distinct and separate in the new company.
Fortuna Bought The Site On West 38th Street in late 2012 for $11.8 million and tapped the architectural firm Nobutaka Ashihara and the Beverly Hills-based designer Marcello Pozzi to design the building.
In October of last year, a demolition worker was killed at the site when a ceiling collapsed.
Fortuna is also developing a 310-room hotel nearby at 1150 Sixth Avenue.