The 165-key hotel portion of Cassa Hotel and Residences in Manhattan, has sold for US$130 million, or $828,000 per key.
Owner Waterscape Resort LLC and its affiliate, Assa Properties, have entered into a binding transaction agreement with an unidentified international investor.
The condominiums section of the year-old property—floors 27 to 48—will remain under the company’s control. The 57 residential units are valued at a combined US$120 million; five units have been sold for an average of US$2.5 million.
“We remain optimistic about the success of the hotel, the sale of the penthouses and residential units,” Assa Properties CEO Solly Assa says.
The hotel, located a block from Times Square, remains under the management of Assa Hospitality Management, and operations at Cassa Hotel and Residences remain unaffected. Additional public space on the ground level, including a vertical garden, will open in the coming weeks. A restaurant concept is also expected to open this summer at the property.
Owner Waterscape Resort LLC and its affiliate, Assa Properties, have entered into a binding transaction agreement with an unidentified international investor.
The condominiums section of the year-old property—floors 27 to 48—will remain under the company’s control. The 57 residential units are valued at a combined US$120 million; five units have been sold for an average of US$2.5 million.
“We remain optimistic about the success of the hotel, the sale of the penthouses and residential units,” Assa Properties CEO Solly Assa says.
The hotel, located a block from Times Square, remains under the management of Assa Hospitality Management, and operations at Cassa Hotel and Residences remain unaffected. Additional public space on the ground level, including a vertical garden, will open in the coming weeks. A restaurant concept is also expected to open this summer at the property.