DPW Holdings Announces That Construction Has Resumed on Luxury Hotel in Tribeca
12 June 2020 - 8:30PM
DPW Holdings, Inc. (NYSE American: DPW) a diversified holding
company (“
DPW,” or the “
Company”)
announced that construction has resumed on the Tribeca Hotel at 456
Greenwich Street, New York, NY. The Company is a limited partner in
the Tribeca Hotel development project (the “
NY
Partnership”). On June 8, 2020, Governor Cuomo announced
that construction can resume in New York City, including projects
considered non-essential, lifting restrictions previously
implemented due to the COVID-19 pandemic.
Background on the NY
Partnership
On June 8, 2018, the Company entered into a
limited partnership agreement, in which it agreed to become a
limited partner in the NY Partnership and has invested an aggregate
of $1,869,000. On June 12, 2019, the agreement was restructured
whereby DPW has no further funding obligations until the hotel is
open for business to the public.
The NY Partnership is a limited partner in the
partnership that is responsible for the construction and related
activities of developing a 5-Star luxury hotel on a premium
development site in Tribeca. The eight-story, 93,900-square-foot
hotel will consist of 96 guest rooms and suites, several
restaurants with a private members bar, a 1,500-square-foot
interior courtyard, a spa, a swimming pool, meeting space and a
100+ person screening room. It is slated to open in June 2022 under
the operation of the premier hospitality group, Groupe Lucien
Barrière, of Hôtel Barrière Le Fouquet’s Paris.
The development project has secured a $145
million construction loan commitment (the “Construction
Loan”) from Hana Financial Investment of Hana Financial
Group, one of the largest bank holding companies in South Korea
with over $350 billion in assets under management.
Westchester-based Caspi Development entities will lead the hotel
construction project and make all management decisions including
decisions relating to the Construction Loan.
“We are excited construction can move
forward with this landmark US flagship property in the premier
Tribeca area and thrilled to be a long-term partner in the hotel,”
said Milton “Todd” Ault, III, the Company’s CEO and Chairman.
For more information on DPW Holdings and its
subsidiaries, the Company recommends that stockholders, investors
and any other interested parties read the Company’s public filings
and press releases available under the Investor Relations section
at www.DPWHoldings.com or available at www.sec.gov.
About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding
company pursuing growth by acquiring undervalued businesses and
disruptive technologies with a global impact. Through its wholly
and majority-owned subsidiaries and strategic investments, the
Company provides mission-critical products that support a diverse
range of industries, including defense/aerospace, industrial,
telecommunications, medical, and textiles. In addition, the Company
extends credit to select entrepreneurial businesses through a
licensed lending subsidiary. DPW’s headquarters are located at 201
Shipyard Way, Suite E, Newport Beach, CA 92663;
www.DPWHoldings.com.
Forward-Looking Statements
This press release contains “forward looking
statements” within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These
forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,”
“could,” “potential,” or similar expressions. Statements that are
not historical facts are forward-looking statements.
Forward-looking statements are based on current beliefs and
assumptions that are subject to risks and uncertainties.
Forward-looking statements speak only as of the date they are made,
and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual
results could differ materially from those contained in any
forward-looking statement as a result of various factors. More
information, including potential risk factors, that could affect
the Company’s business and financial results are included in the
Company’s filings with the U.S. Securities and Exchange Commission,
including, but not limited to, the Company’s Forms 10-K, 10-Q and
8-K. All filings are available at www.sec.gov and on the
Company’s website at www.DPWHoldings.com.
Contacts:
IR@DPWHoldings.com or 1-888-753-2235
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