Aju Hotels & Resorts borrows $88M from Shinhan Bank for two Manhattan hotels

The South Korean Aju Hotels & Resorts through the entity Blue 31st Street NYC LLC as borrower signed a loan agreement with lender Shinhan Bank, also based in South Korea, valued at $88 million for the two hotels Aju bought last month. The first is the 122-key Hyatt Herald Square New York at 30 West 31st Street, and the second, the 185-key Hyatt Place New York Midtown South at 52 West 36th Street in Nomad.
The loan closed on September 17, 2019, the same date as the acquisitions, and was recorded on October 2, 2019.

Aju acquired the two hotels from the REIT Chesapeake Lodging Trust for $136.6 million.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the Hyatt Herald Square on July 17, 2012.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 renovation/alteration projects (A2) applied for with a total estimated value of $980,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.

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