Meatpacking’s Maritime Hotel seeks Covid-19 relief

With doors shuttered, trendy hotel wants forbearance on $25M loan

New York /
Apr.April 15, 2020 05:40 PM
BD Hotels' Richard Born and the Maritime Hotel at 363 West 16th Street (Photo by Studio Scrivo; Hotel by Beyond My Ken via Wikipedia)

BD Hotels’ Richard Born and the Maritime Hotel at 363 West 16th Street (Photo by Studio Scrivo; Hotel by Beyond My Ken via Wikipedia)

The trendy Maritime Hotel in the Meatpacking District is the latest lodging property to seek help with its mortgage due to the coronavirus pandemic.

The owners of the 126-key hotel have requested forbearance on the property’s $25 million mortgage, according to Trepp.

The hotel is owned by Richard Born and Ira Drukier’s boutique hotel company BD Hotels, along with their partners, nightlife impresarios Sean MacPherson and Eric Goode.

Born told The Real Deal that the hotel is closed and has no revenues.

“Pre-Covid we had a thriving business and the asset has pretty low leverage,” he wrote in an email. “We, like virtually every hotel in New York City, are simply asking our lender to accrue some interest while we are closed.” He added that because the owners have little debt on the property, “we are not asking the lender to take any risk.”

Commentary on Trepp from the loan’s servicer notes that a forbearance is in progress.

Hotels across the city have shuttered their doors as the coronavirus crisis ground travel and tourism to a near halt. The city’s occupancy rate stood at 24.8 percent last week, according to the latest report from hospitality data firm STR. That was a slight increase over the previous week, most likely attributed to first responders and medical workers now staying in hotel rooms.

Earlier this week, the 260-room Hotel at Times Square was the first lodging property in the city to request mortgage relief due to Covide-19, the New York Post reported.

Trepp managing director Manus Clancy said that 95 to 98 percent of relief requests should be in the system by the end of the week.

“The biggest thing we’re seeing so far is hotels looking for relief,” he said. “They seem to be the hardest hit.”

Contact Rich Bockmann at [email protected] or 908-415-5229.

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