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Boutique Hudson Square Hotel Lands $52M Refi
BridgeInvest has provided a $52-million loan to refinance Hotel Hugo, an independently managed, boutique hospitality asset at 525 Greenwich St. in the Hudson Square neighborhood of Manhattan, just west of SoHo. The sponsor, who has owned and managed the hotel since developing from the ground up in 2014, plans to capitalize on the area’s accelerating growth, which includes recent openings of major Google and Disney campuses.
The asset comprises 122 guest rooms and totals 19 stories. The ground floor features 2,000 square feet of retail space currently occupied by the Felix Roasting Co. The 18th floor is home to an enclosed rooftop venue called Bar Hugo, a popular destination among locals, while the 19th floor is home to an open-air rooftop outlet called Bar Azul.
The deal was facilitated by brokerage firm JBA Equities, which assisted in carrying out an accelerated closing timeline to meet the borrower’s refinancing deadline.
- ◦Financing
