March 15, 2025

HOTELS

Funds

Hotel make up vast majority of migrant shelters, raking in millions

Hotels are set to easily rake in well over a billion dollars in taxpayer funds for turning their buildings into migrant shelters. Of the 193 migrant shelters being used by the city to house 65,300 individuals, 153 — or nearly 80% — are hotels, motels or inns, according to an internal document obtained by The

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Loans

Pomerancs Default on $23M Loan for Lower East Side Hotel

The Pomeranc family is facing financial troubles at its Sixty LES Hotel. A $23 million collateralized loan obligation on the 141-key hotel at 190 Allen Street was reported as non-performing this month, according to CRED iQ. The loan was not paid off at its extended maturity date of April 6, according to the commercial real

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