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Lenders Take the Keys in Cooper Square Hotel Switch

The rumors we heard last year that Grand Hotels planned to buy the Bowery's Dubai turned out not to be true, but they were true in spirit. The Cooper Square Hotel does indeed have a new owner, The Real Deal reports. Lender Westport Capital Partners now has control of the property, following the last-minute failure of a deal with Grand Hotels (maybe that explains the long face). The hotel and its lender reached a $70.9 million deal to restructure the hotel's debt, and Westport Capital actually got the keys at the end of 2010. Westport promises no big changes to the place, apart from the new eats downstairs. Now that the weather's warming, will we see an outdoor welcome from the neighbors?
· Cooper Square Hotel changes hands in $71M debt restructuring deal [Real Deal]
· Cooper Square Hotel coverage [Curbed]