The $45m loan from OakNorth will be used to acquire and refurbish the 166-key Cassa Hotel at 70 West 45th Street, originally built in 2010 as a 48-storey mixed-use building that also comprises a lower-floor restaurant and residential condominiums on its upper levels. Post-renovation, the hotel will be relaunched under the new brand name Lady D and operated by Hersha Hospitality Management, which manages over 250 hotels across the U.S. and Canada.
About Aya New York: Founded in 2009 by real estate entrepreneur Amir Shriki, Aya New York is a Manhattan-based real estate investment firm focused on acquiring and repositioning distressed and mismanaged assets in prime New York City locations. The firm has been involved in over $4.5bn worth of transactions since launch, bringing deep local expertise and a proven ability to unlock value in off-market and underperforming real estate opportunities.