CitizenM Seals $83M Refi on Nearly Complete Bowery Hotel
By Matt Grossman April 9, 2018 5:39 pmreprints
In a series of two mortgages, HSBC has lent $82.5 million in a refinancing of the new citizenM hotel at 189 Bowery between Rivington and Delancey Streets, according to property records made public today.
The London-based bank’s pair of new mortgages dated March 23 on the property rolls over the bank’s own previous debt from 2015 and ups the balance by $12.5 million, records show.
With construction nearing completion, the hotel is set to open this summer, according to citizenM’s website. The Dutch hotel brand, which already operates an outpost at 218 West 50th Street between Broadway and Eighth Avenue in addition to locations in cities like London, Amsterdam and Taipei, is taking reservations yet for the new Lower East Side location, but summertime reservations for the Times Square hotel start at about $350 per night for a standard room.
The 20-story building, built by The Rinaldi Group, will be the world’s largest hotel of modular construction, the contractor said. As per the Rinaldi website, the hotel, which will comprise 300 guest rooms, is valued at just over $64 million.
Representatives from HSBC and citizenM did not immediately respond to a request for comment.