Hotel - Development
ACRES Capital (“ACRES”) is pleased to announce the funding of a loan which will be used to construct a 50,398 square foot, 21-story, 100-room boutique hotel in Downtown Brooklyn. The hotel will feature a fitness center, meeting space, coffee shop, beer garden, and rooftop bar. Located between the Brooklyn Bridge and the Barclays Center – within the Brooklyn Cultural District and the Brooklyn Tech Triangle, the hotel will be at the center of a burgeoning neighborhood for new residences and businesses, and proximate to Atlantic Terminal.
Mark Fogel, President & CEO of ACRES commented, “This hotel represents an attractive offering in this prime, gateway market. We are excited to work with an experienced development team who have worked on more than 200 projects in Manhattan, Brooklyn and Queens over the past three decades.”