Bridgeton Holdings has received a $35.9 million loan for the conversion of 396 Broadway, a 10-story commercial property, into the Walker Hotel Tribeca. Located in the TriBeCa and SoHo neighborhoods in lower Manhattan, the new hotel will convert the nine floor building into 171 guestrooms and suites. Ground-floor and rooftop space will be dedicated to food and beverage vendors, with a portion of the space already leased to Blue Bottle Coffee. Bridgeton Holdings is a fully-integrated property company, with 60 properties in 12 states across the country. The funding was sourced by Mission Capital Advisors from a commercial bank.
“Technology has changed the face of the lodging industry in recent years, as certain demographics have gravitated towards alternative room types and shared options such as Airbnb rentals instead of traditional accommodations,” said Atit Jariwala of Bridgeton Holdings. “Reflective of this trend, the Walker Hotel Tribeca will feature rooms with iPads that will control all in-room features, including the window shades, lighting and HVAC”.
