The Chinese corporation, HNA Property Holding Group, is planning to complete a minor renovation of the building, which is newly constructed and was purchased from the original developer, according to the statement, and rebrand the 165-room hotel as a boutique luxury four-star hotel that will be managed by Viceroy Hotel Group.
Assa Properties has sold the hotel portion of Cassa Hotel and Residences at 70 West 45th St in New York to HNA Property Holdings, a company headquartered in Beijing, for $130 million.
The 57 Cassa residences remain wholly owned by Assa Properties. Under the new hotel management agreement, the residential owners and extended stay guests will benefit from the hotel's amenities and services.
HNA Property Holdings (Group) Company Ltd. is one of eight subordinate businesses under HNA Group, China's fourth largest air group and one of the Top 500 Chinese Companies. In addition, HNA Tourism operates 12 subsidiary companies from travel agencies to airlines, hotels to car rentals, and conventions to exhibitions.