Rendering of modular hotel being builtat 842 Sixth Ave./ Photo credit: Danny Forster &Architecture
NEW YORK CITY—AVANA Capital has provided a $65 million construction loan to 842 Enterprise, which plans to build the world's tallest modular construction hotel in the world. The Chun family runs the development firm that is creating a 26-story, 385-foot tall,168-room AC Marriott Hotel using a method of stacking pre-built rooms. The total construction cost for the hotel is expected to be $110 million.
Construction of the project at 842 Sixth Ave. between W. 29th and W. 30th streets in the NoMad neighborhood began last month. It's anticipated to be completed in 2020.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
