Cottonwood Group and CCB International announced the formal closing of a $55 million secured credit facility for a new hotel project in Hudson Yards, the largest private real estate development in the history of the United States, currently under construction on Manhattan’s West Side.
Cottonwood Group, through its subsidiary, CW Credit Services, LLC partnered with CCBI to replace an existing land loan and help secure a land lease for the hotel.
The project is now planned to become an Aloft Hotel, part of Starwood Hotels and Resorts.
It will be the first on Manhattan’s West Side and will grow the Aloft Hotels footprint in New York, joining Aloft Manhattan, Aloft Harlem, and Aloft Brooklyn.
“Supporting the growth of Hudson Yards – New York City’s largest development since Rockefeller Center is exciting for us,” said Alexander Shing, chairman and CEO of Cottonwood Group, “and we look forward to a strong and lasting relationship with CCBI.”
“We are pleased to partner with Cottonwood on our debut real estate investment in the United States and in particular in the dynamic Hudson Yards neighborhood of New York,” said Richard Cheng, Vice President for CCBI’s US division based in NYC. “We hope to cultivate additional investment opportunities together in the United States.”
The Aloft Hotel will provide approximately 420 hotel rooms once complete.
CCB International (CCBI) is a wholly owned subsidiary of the China Construction Bank, the second largest bank in the world by asset size.
Cottonwood Management is a privately-held real estate management firm with over $2 billion in assets under management.