Redeveloped hotel is now open to guests
David Paz’s Omnia Group and Ran Eliasaf’s Northwind Group have secured an $80 million mortgage from Bank Hapoalim to refinance 225 Bowery. The new Ace Hotel consists of 200 rooms, a rooftop bar, and a ground-floor restaurant.
Financing details: The five-year balance-sheet loan replaces previous debt provided by Bank of the Ozarks, according to TRD.
Flashback: Omnia and its minority partner Northwind paid $30.5 million for the hotel in 2014. The building has subsequently undergone a major renovation.