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Colliers Arranges Financing for Hotel Elysée Repositioning
Colliers arranged a multi-million-dollar acquisition and redevelopment financing package for the historic Hotel Elysée at 60 E. 54th St. in Midtown Manhattan on behalf of Hera Hospitality and its investors. The funding commences a renovation and repositioning of the nearly century-old landmark as a five-star lifestyle boutique hotel. Mark Owens and Matt Nowaczyk of Colliers represented Hera Hospitality Group.
“Hotel Elysée is one of those rare New York properties that carries both history and untapped potential,” said Owens, leader of the Hospitality Practice Group at Colliers. “This financing marks the beginning of an exciting transformation for the building and a new chapter for this much-loved hotel. With luxury hotels continuing to outperform across urban markets, especially in the lifestyle segment, there is strong demand for differentiated assets like the iconic Elysee..”
Part of the renovation of Hotel Elysée will include increasing the size and number of suites. Upon completion, the property is positioned to become one of Manhattan’s most sought-after boutique hotels, according to Colliers.
- ◦Development
- ◦Financing
