Dream Hotel Group borrows $48M from Motcomb Estates for hotel in Times Square

Sant Singh Chatwal’s Dream Hotel Group through the entity Consulate Hotel Associates, LLC as borrower signed a loan agreement with lender Motcomb Estates Ltd. valued at $48.0 million for 1 parcel, including the tax class boutique hotel 10-100 rooms (HB) at 224 West 49th Street in Times Square. The deal closed on February 7, 2020 and was recorded on February 13, 2020.
The property contains a total of 96,000 square feet of built space.
The average loan per buildable square foot is $500.
The last time the property sold was February 28, 2014, for $25,155,189.

Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $400,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link