Hotel Hugo—an independently managed, boutique hospitality asset in New York City—has received a $52 million loan for refinancing from BridgeInvest in a deal brokered by JBA Equities.
The 122-room hotel is positioned in the Hudson Square neighborhood of Manhattan, just west of SoHo. The undisclosed sponsor—who has owned and managed the hotel since developing it from the ground up in 2014—plans to capitalize on the area’s accelerating growth, which includes recent openings of major Google and Disney campuses.
The Greenwich Street property is a 19-story building with 2,000 square feet of retail space on the ground floor currently occupied by the Felix Roasting Co. The 18th floor, meanwhile, is home to an enclosed rooftop venue called Bar Hugo, while the 19th floor is home to an open-air rooftop outlet called Bar Azul.
JBA Equities assisted in carrying out an accelerated closing timeline to meet the borrower’s refinancing deadline.