Atlas Hospitality secures $40m loan for NYC hotel

Amy Horsfield By Amy Horsfield
13 December 2018 | Updated 13 December 2018

US: Atlas Hospitality (Atlas) has secured a $40 million construction loan from Bank America Merrill Lynch for development of a 128-key luxury boutique hotel in New York.

Located in close proximity to the South Street Seaport and a mixture of dining, retail, and entertainment offerings, the hotel will include a high-end restaurant on the ground floor and a double-deck indoor/outdoor rooftop with sweeping views of Lower Manhattan.

Fortuna will develop and manage the 26-storey building when it opens in 2020.

Balram Kakkar & Raj Guru, Principals of Atlas Hospitality and Morris Moinian, Principal and Founder of Fortuna Realty Group, said: "We are thrilled to contribute a boutique hotel to the Financial District, which continues to evolve before our very eyes. We are committed to delivering a best-in-class hospitality experience that will fit in seamlessly with this incredible neighbourhood while setting the standard for luxury, elegance, and the Manhattan nightlife."

The development of the 120-122 Water Street site is the start of collaboration between and Atlas and continues Fortuna's expansion into the luxury hotel market. It's Hotel Hugo at 525 Greenwich Street in Soho was recently voted by Condé Nast Traveller readers as the 11th best hotel in New York City. Fortuna also recently closed on a $65 million construction loan from M&T Bank for the 176-key Hotel Hendricks hotel located south of Bryant Park, and is developing a 330-key hotel at 1150 Sixth Avenue and a 300-key hotel steps from Lord & Taylor 5th Avenue in Midtown.

The Fortuna hotel portfolio also includes Hotel Henri and Hotel Hayden, both in Chelsea, the Garden City Hotel on Long Island.

Balram Kakkar has been an active investor in multi-family and retail space nationwide for the past twenty five years and is also a founder and principal of Panam Mortgage (Pan Am).

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