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Urban Commons names BPC lender winning bidder for hotel lease assets
By Sarah Lizee
Olympia, Wash., May 9 – Urban Commons 2 West LLC named debtor-in-possession lender BPC Lender, LLC the winning bidder for its hotel lease assets, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.
The lease relates to a mixed-use building at 2 West Street, New York.
The purchase price consists of a $78.5 million credit bid.
An auction scheduled to take place on May 9 was canceled because no other qualified bids were received.
A sale hearing will take place on May 16.
Urban Commons is a Corona Del Mar, Calif.-based company that modernizes underperforming hotels. The company filed Chapter 11 bankruptcy on Nov. 15 under case number 22-11509.
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