Developers of Cooper Square Hotel Check Out

cooper square hotel Developers of Cooper Square Hotel Check Out One of the city’s more… interesting… structures, the Cooper Square Hotel in the East Village is now property of Westport Capital Partners, a firm specializing in “opportunistic and distressed real estate investments” as part of a $70.9 million debt restructuring deal.

The Real Deal, who first reported the move, called it “amicable.” Westport had been a mezz lender on the hotel, where rooms now average $300 a night and occupancy’s at 85 percent.

The 21-story, 145-room hotel made its debut in 2008. By December 2009, lender WestLB made moves to forclose on the $52 million in loans doled out to the developers.

mcoyne@observer.com