Narrative
Full Description
Project narrative
In early September 2017, it was announced that close was reached on a deal in which CCB International Finance Limited — a wholly-owned subsidiary of China Construction Bank Corporation (CCB) — entered into a $55 million USD credit facility agreement with CW Credit Services, LLC — a California-incorporated subsidiary of Cottonwood Management, LLC, a private equity real estate investment firmed headquartered in Los Angeles, California — to finance the construction of an Aloft Hotel in Hudson Yards. The loan was secured (i.e. collateralized). The proceeds were used to replace (refinance) an existing land loan and help secure a land lease for the construction of a new Aloft Hotel in the Hudson Yards neighborhood on the Far West Side of Manhattan, New York City, New York. The Aloft Hotel would be part of Starwood Hotels and Resorts and, at the time of the close, would have approximately 420 hotel rooms. The hotel was reportedly under construction at the time of the loan. The project, later known as 450 Eleventh Avenue, did not progress linearly. The hotel had been in development since 2016, on a site, directly across from the Javits Center between West 36th and West 37th Street. In 2019, the develop arranged a $202 million USD refinancing loan for the site (likely replacing the $55 million USD from CCB International). It was called the "Teeter-Totter-Tower” because its vertical façade would twist and undulated as it rose. As of September 2019, it was still under excavation and would host a 531-room from Marriott International. Then, in 2021, it was to be a 487-foot tall, 531-room Aloft Hotel to be in operations in mid-2024. Then, in December 2021, it was reported to be a 642-foot-tall 379-room Aloft Hotel. There were allegations that architect Warren L Schiffman, who had retired in 2016, fraudulently re-registered with the State of New York to work on the project, and the Department of Buildings banned him from filing plans. Schiffman admitted during an investigation that he practiced architecture while unauthorized and forfeited his license. In 2022, the project was delayed and work was stopped due to the revelation that Schiffman's architectural seal of approval was no longer authentic and required replacement. In May 2023, construction resumed, now with 379 rooms plus a business center, a ballroom, and a fourth-floor restaurant with a bar and outdoor terrace. As of July 2025, the hotel, now known as Hotel Meta, had its exterior work nearly completed. The hotel was expected to open in the first half of 2026, but would no longer be under part of the Aloft brand.