World’s tallest modular hotel for NYC Gets $65M financing
The development of the 168-key, 26-story AC Marriott in Manhattan which is the world’s tallest modular hotel, is moving forward thanks to a $65 million construction loan from AVANA Capital.
The 360 foot tall AC Hotel New York NoMad is on track to be stacked in late fall with prefabricated and pre-furnished guestrooms over a 90-day period, accordin to Marriott International.
The borrower and developer is 842 Enterprises led by President Robert Chun. The hotel is located at 842 Sixth Ave. in NoMad. It will also be topped with a modular roof and modular rooftop bar. The hotel is slated to open in late 2020.
In addition, the team includes Danny Forster & Architecture and Skystone Group, a New York City-based firm and the prime manufacturer of the modules. The property will have fully outfitted guestroom modules. While the roof, rooftop bar and guestrooms will all be modular and be built off-site, other public areas. It includes the lobby and restaurant will be constructed using traditional methods.
The company said in prepared statement, “This is the moment where modular construction takes center stage,” Forster, the architect and a leading modular building advocate. This hotel takes every advantage of off-site manufacturing, as you might expect. But it does so in a way that defies expectation. We wanted to demonstrate that modular building can do more than just harness the efficiencies of the factory. It can produce a graceful and iconic tower. And yes, it can do so at the rate of an entire floor a day.”
Additively, AVANA Capital has provided financing for other modular hotel construction projects including $60 million in financing for the dual-branded Marriott hotel in Hawthorne, California which was completed in 14 months and opened in October 2018.
The Marriott Courtyard and TownePlace Suites was developed by Mogul Capital. The hotel has five stories, 354 guest rooms as well as a restaurant, swimming pool and meeting space for corporate and community functions. Guerdon Modular Buildings in Boise, Idaho, provided the modular construction expertise and worked with Lusardi Construction Co. on that project.
Source: CP Executive
Fulya Altunyay/[email protected]