GROUND-UP HOTEL DEVELOPMENT
PARTNERS: Concord Hospitality Enterprises
LENDER: U.S. Bank (NYSE: USB)
PROJECT: 21-story, 196-room hotel
HOTEL FLAG: Cambria Suites by Choice Hotels (NYSE: CHH)
Two of the most respected names in the hospitality industry, Choice and Concord, formed a joint venture and acquired the parcel at 30 West 46th Street in December 2012 and immediately broke ground, continuing the development process started by the previous owner. Hidrock joined the partnership simultaneously with the closing of construction financing. The hotel opened for business in October of 2015.
The Cambria Suites, a member of Choice’s family of brands, is operated by Concord, bringing its total number of managed hotels in the United States to over 90. The hotel consists of a 21-story tower with 196 rooms and features a 70-seat restaurant and lounge, a fitness center, a business center and meeting room in addition to a lobby lounge with outdoor seating.
Conveniently located on West 46th Street between Fifth and Sixth Avenues, and across the street from the International Gem Tower, this prime Midtown Manhattan location is within a short walk of many major landmarks and tourist destinations such as Rockefeller Center, Times Square, the Broadway Theater District, Grand Central Station, as well as world class shopping on Fifth Avenue and major office corridors along Fifth, Sixth, Madison, Park and Lexington Avenues.
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