A 90,000-square-foot Boutique Hotel on the Ninth Avenue side of Chelsea Market.

That's about 250 Hotel Rooms

More competition for the Standard, Maritime, Gansevoort and soon-to-open Dream Downtown

Read the rest in NY Curbed

According to WSJ owner and developer of Cassa NY Hotel and Residences in midtown Manhattan filed for Chapter 11

The owner and developer of Cassa NY Hotel and Residences in midtown Manhattan filed for Chapter 11 bankruptcy protection Tuesday in order to gain breathing room from litigation and a lender that tried to foreclose on the project.

Waterscape Resorts LLC, affiliated with New York real-estate firm Assa Properties, said in court papers that it would seek to sell its hotel assets through a Chapter 11 plan of reorganization.

The company, which is embroiled in litigation with its lenders and contractors, has a $126 million offer in hand from an entity called 70 West 45th Street Holding LLC.

The 166-room hotel is designed by architect Enrique Norten in collaboration with architecture and interior design firm CetraRuddy. Situated on 45th Street between Fifth and Sixth Avenues, the Cassa residences include 20 studios, 20 one-bedroom and 14 two-bedroom suites and luxurious penthouse apartments on floors 47-48. Floor plans range from studios that start at 584 square feet to the penthouse level suites with up to 3,145 feet of living space.

As of Tuesday, Waterscape reported $168.5 million in total assets and $141.5 million in total debts.

The company has tapped the law firm of Troutman Sanders to represent it in its Chapter 11 proceeding before Judge Stuart M. Bernstein of the U.S. Bankruptcy Court in Manhattan.

The case is numbered 11-11593.

Sources: http://www.morningstar.co.uk/uk/markets/newsfeeditem.aspx?id=138501957958639

About Conceived by Enrique Norten, TEN Arquitectos in collaboration CetraRuddy, Cassa Hotel and Residences makes an identifiable mark in the New York City skyline with its elegant proportions, rising as an obelisk among its traditional neighbors. Sited within a prime location, flanking the theatre district, world class shopping experiences of Fifth and Madison Avenues, and the excitement of Times Square, the 166 rooms and 57 residences are urban sanctuaries, contemporary in design and rich in texture, yet warm and inviting. Cassa Hotel and Residences delivers its discernible style and unrivaled service to the inspirational amenities: from the stack of design and art driven book titles in the rooms to the elegant bath products dedicated to wellbeing and relaxation by Angelo Caroli. An exciting addition will be the 1945 Restaurant and Lounge, the next ambition of Jesse Keyes, the brainchild of famed La Esquina, Goldbar, and Hotel Griffou, catering to the in vogue crowd of New York City nightlife.

About Assa Properties
Founded by Solly and Isaac Assa, Assa Properties has been developing and investing in major residential, retail and commercial properties since 2000. The firm has acquired over three million square feet of premier assets located throughout the United States and Mexico. Starting in 2002, Assa Properties began acquiring buildings within the New York City Area, namely 743 Fifth Avenue, 2 Herald Square and 6 Times Square -- originally the Knickerbocker Hotel built by John Jacob Astor -- with an eye towards building luxury retail and hotel experiences in some of the New York City's most distinctive neighborhoods. They have since evolved their original vision with two new developments, Cassa Hotel and Residences and Galerie, full-service, luxury hotels and condominiums that will offer premium hotel services to their full-time residents.

DiamondRock Buys Under Development Highgate Hotel Times Square $445 Per Key

DiamondRock Hospitality Co. (DRH) said it agreed to purchase a hotel property in the Times Square section of New York City for $112.5 million to $178 million, depending on the amount of guest rooms the property will contain.

REIT's are Buying More Hotels in New York City

The real-estate investment trust, which targets under-performing properties for possible renovation or conversion, said upon completion by a third-party developer, the hotel on West 42nd Street is expected to contain about 250 to 300 guest rooms.

$445,000.00 Per Room

DiamondRock Buys Under Development Highgate Hotel Times Square $445 Per Key

DiamondRock Hospitality Co. (DRH) said it agreed to purchase a hotel property in the Times Square section of New York City for $112.5 million to $178 million, depending on the amount of guest rooms the property will contain.

REIT's are Buying More Hotels in New York City

The real-estate investment trust, which targets under-performing properties for possible renovation or conversion, said upon completion by a third-party developer, the hotel on West 42nd Street is expected to contain about 250 to 300 guest rooms.

$445,000.00 Per Room

Goldman Sachs Group Inc.'s real-estate funds are fighting to retain big hotel portfolios purchased during the property boom, the latest indication that hotel owners are betting the industry is heading for a full recovery.

The idea is that the recovery in hotel occupancies and rates will boost hotel values so that it is possible to refinance or sell at a higher price.

Goldman Sachs Group Inc.'s real-estate funds are fighting to retain big hotel portfolios purchased during the property boom, the latest indication that hotel owners are betting the industry is heading for a full recovery.

The idea is that the recovery in hotel occupancies and rates will boost hotel values so that it is possible to refinance or sell at a higher price.

Goldman Sachs Group Inc.'s real-estate funds are fighting to retain big hotel portfolios purchased during the property boom, the latest indication that hotel owners are betting the industry is heading for a full recovery.

The idea is that the recovery in hotel occupancies and rates will boost hotel values so that it is possible to refinance or sell at a higher price.

Host Hotels & Resorts said today that it closed on the $313.5 million sale of the New York Helmsley Hotel, which will be reflagged under the Westin Hotels & Resorts brand in mid-2012 after an extensive renovation.  

Host Hotels, based in Bethesda, Md., said it will renovate the hotel, at 212 East 42nd Street, with a complete overhaul of its 775 guest rooms as well as upgrade the meeting space.

Starwood Hotels and Resorts, parent company of Westin, has already taken over management of the hotel. The deal appears to signify a renewed sense of strength in the New York luxury hotel market.

Article Source: Hotel Chatter and Later in The Real Deal

http://www.hotelsforsalenyc.com/hotels-sold-new-york/helmsley-hotel-sold-for-310m-to-host-hotels-resorts.html

http://www.hotelchatter.com/story/2011/1/24/122921/419/hotels/Will_The_New_York_Helmsley_Hotel_Turn_Into_a_Westin_

Host Hotels & Resorts said today that it closed on the $313.5 million sale of the New York Helmsley Hotel, which will be reflagged under the Westin Hotels & Resorts brand in mid-2012 after an extensive renovation.  

Host Hotels, based in Bethesda, Md., said it will renovate the hotel, at 212 East 42nd Street, with a complete overhaul of its 775 guest rooms as well as upgrade the meeting space.

Starwood Hotels and Resorts, parent company of Westin, has already taken over management of the hotel. The deal appears to signify a renewed sense of strength in the New York luxury hotel market.

Article Source: Hotel Chatter and Later in The Real Deal

http://www.hotelsforsalenyc.com/hotels-sold-new-york/helmsley-hotel-sold-for-310m-to-host-hotels-resorts.html

http://www.hotelchatter.com/story/2011/1/24/122921/419/hotels/Will_The_New_York_Helmsley_Hotel_Turn_Into_a_Westin_

Host Hotels & Resorts said today that it closed on the $313.5 million sale of the New York Helmsley Hotel, which will be reflagged under the Westin Hotels & Resorts brand in mid-2012 after an extensive renovation.  

Host Hotels, based in Bethesda, Md., said it will renovate the hotel, at 212 East 42nd Street, with a complete overhaul of its 775 guest rooms as well as upgrade the meeting space.

Starwood Hotels and Resorts, parent company of Westin, has already taken over management of the hotel. The deal appears to signify a renewed sense of strength in the New York luxury hotel market.

Article Source: Hotel Chatter and Later in The Real Deal

http://www.hotelsforsalenyc.com/hotels-sold-new-york/helmsley-hotel-sold-for-310m-to-host-hotels-resorts.html

http://www.hotelchatter.com/story/2011/1/24/122921/419/hotels/Will_The_New_York_Helmsley_Hotel_Turn_Into_a_Westin_