Atlantic Stars Completes Re-financing of Strand New York, NY
JUNE 9, 2009 - Atlantic Stars Hotels & Cruises has closed on $26.5 million in financing from M&T Bank to complete the construction and development of The Strand hotel, located at 33 West 37th street just off Fifth Avenue in Manhattan. The 177-room hotel is a new build by Don Glassie, founder and president of Newport-based Atlantic Stars Hotels and Cruises. Designed by New York architect Gene Kaufman, featuring a rooftop bar and full restaurant, the property is scheduled for an August 2009 opening.
Don Glassie, president of Atlantic Stars Hotels and Cruises, comments, "With construction loans becoming increasingly difficult to secure, we are thrilled that M&T Bank has given their financial support for this project during such a difficult economic climate."
The Strand is part of Atlantic Stars Hotels & Cruises, a hospitality company comprising hotel properties, harbor cruises and overnight cruising along the Atlantic Seaboard and the Caribbean. Its holdings include the Avalon Hotel and South Seas Hotel in Miami's South Beach; the Park South Hotel in Manhattan; the Harborside Inn, Jailhouse Inn and Yankee Peddler Inn in Newport, RI; the Pequot Hotel on Martha's Vineyard; as well as harbor cruises aboard the Rum Runner II and Madeleine in Newport, RI and extended overnight cruising aboard the S/Y Arabella.
For more information on Atlantic Stars Hotels & Cruises, visit www.atlanticstars.com.
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