Silver Arch Capital Partners has closed a $30.4 million loan for Merchants Hospitality, Inc. to purchase the Out Hotel in midtown Manhattan, heralding the return of the legendary Playboy Club to New York City on the hotel's grounds later this year.
Real estate management company Merchants has entered a partnership with hotel and restaurant branding company Cachet Hospitality Group to transform the 105-room, three-story Out Hotel located in Hell's Kitchen into the future Cachet Boutique New York hotel. Playboy Enterprises, Inc., in turn, has partnered with global hotel entity Cachet to construct a Playboy Club franchise location on the property's ground floor.
Expected to launch in 2017, the Cachet Boutique New York will be a world-class destination for the sophisticated traveler. The hotel will feature guest rooms adorned with urban chic furnishings and art-deco decor. Amenities include extravagantly expansive and indulgent personal wellness facilities, such as an open-air Zen garden and an outdoor spa and Jacuzzi. A central feature of the hotel, the Great Lawn, is a 2,000-square-foot indoor-outdoor wine bar and meeting and event space, complete with crackling fire pits. For on-site dining, the rustic Eden restaurant will provide exquisite cuisine for breakfast, lunch and dinner.
The new Playboy Club is set to open more than 30 years after the original Playboy Club closed in 1986. This latest iteration will feature a lounge bar, full-service dining room, game room and retail shop.
The property is located on West 42nd Street between 10th and 11th avenues in the heart of Theatre Row, a coveted location surrounded by Off-Broadway playhouses, and lies within comfortable walking distance to such popular tourist attractions as the world-famous Times Square and the Intrepid Sea, Air & Space Museum.