Thursday, March 3, 2011

$71 million later, the Cooper Square Hotel has a new owner

The Real Deal reported today that the Cooper Square Hotel handed the keys over to Westport Capital Partners as part of a $71 million debt restructuring deal. As the story notes, the original hotel owners quickly ran into financial trouble after opening in 2008.

Meanwhile! Managing partner Klaus Ortlieb said that "March room rates are averaging around $300 per night with 85 percent occupancy, with rates expected to rise into the mid-$300 range over the summer and $400s in the fall."

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