Real estate investment firm Westport Capital Partners has sold the Cooper Square Hotel located in Manhattan’s East Village area to André Balazs Properties. The owner and operator of eight U.S. hotels paid $91 million for the hotel, adds Commercial Real Estate Direct.
The sale was arranged by Eastdil Secured. Westport bought the hotel in December, foreclosing on a $15 million mezzanine loan to a group headed by Matthew Moss, which owned and developed the hotel at 25 Cooper Square. It also restructured a $52 million debt with the hotel’s first mortgage lender Westdeutsche Landesbank.
Click here for the release from Westport Capital Partners.
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