Margaritaville Hotel May be Coming to New York City

posted November 28th, 2017 at 9:41 pm

2 Comments »
by Josh Martin

You may be able to waste away in a Margaritaville Hotel in downtown New York City soon, according to therealdeal.com:

Sharif El-Gamal’s Soho Properties, in partnership with MHP Real Estate Services and Flintlock Construction Services, is in late-stage negotiations to revive their plans for a distressed Times Square site once slated for a Dream Hotel. Now, the developers are working out a deal to build a Margaritaville hotel and restaurant, the first of its kind in New York City, The Real Deal has learned.

The Related Companies is expected to provide a $180 million construction loan for the project at 560 Seventh Avenue by year’s end, according to sources familiar with the negotiations. Related, which launched a $2 billion fund for commercial real estate debt last year through its subsidiary Related Fund Management, would not serve as an equity partner.

Though the exact size of the Margaritaville hotel was not immediately clear, sources said it would be similar to the Dream Hotel the developers once envisioned: 29 stories, 243 hotel rooms and nearly 120,000 square feet.

Representatives for Related, Soho Properties and MHP declined to comment, and a Margaritaville spokesperson could not be reached.



Tagged in Business Empire, Margaritaville Hotel

  • Boomer

    Of all cities that are NOT Margaritaville, NYC has to be at the top of the list.

  • Music lover in New York

    Maybe NYC is the biggest party city of all. Thousands of dance and music clubs, tens of thousands of restaurants, concerts, Broadway theater – even live opera every night if that’s your thing. Need a drink? You’re never more than a block away from a very good bar or at least a good pizza.. All this sounds as close to Magaritaville as you could be without actually being in Margaritaville. – And now you’ll be able to be in Margaritaville in Margaritaville (NYC).

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