David Marx has upgraded and rebranded his Hudson Yards hotel project after securing new financing.
The on-again, off-again project at 450 11th Avenue, which was originally slated to be an Aloft hotel, will now be part of Marriott’s Tribute portfolio, a line of high-end boutique hotels.
“The hotel now reflects the recharacterization of the neighborhood as a premier business and tourist destination and home of a newly expanded and state of the art Javits Center,” Marx said. “We hope to now serve all three communities in style.”
Marx landed financing from Madison Realty Capital and Cerberus Capital Management to complete construction. The developer also nabbed EB-5 financing. Madison provided the $89 million senior loan and a $44 million mezzanine loan.
The $185 million refi replaced a loan from Claros Mortgage Trust.
Marx said the 51-story, 379-key hotel will open next year. It will have a multi-level restaurant, spa, fitness center, business center, lounge, bar, ballroom, and banquet and conference spaces.
The Queens-based developer purchased the property in 2007 for $45 million, but lost control to lender Lehman Brothers a few years later. He paid $35 million in 2013 to regain control of the site.
Marx also owns a nearby Courtyard by Marriott that opened just before the pandemic at the corner of West 34th Street and 10th Avenue.
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