YOTEL and IFA Hotels & Resorts in Joint Venture
September 1, 2011
Cleary Gottlieb has been representing a joint venture between YOTEL and international hotel developer IFA Hotels & Resorts in the development, opening and financing of the new YOTEL 700-room hotel on 42nd Street and 10th Avenue in New York City. YOTEL is known for operating innovative pod hotels in airports in London and Amsterdam. As YOTEL’s first cabin hotel in the United States and its first city center location, YOTEL New York features the largest terrace of any hotel in New York City and a fully automated check-in procedure, complete with luggage robot. YOTEL New York opened in June. The initial acquisition financing closed June 1 with affiliates of Atrium Holding as the mortgage and mezzanine lender.