Diversified holding company DPW Holdings has provided an update on the construction of the Tribeca Hotel in New York, US.

Tribeca Hotel is located at 456 Greenwich Street, New York, NY.

Construction of the hotel’s foundation is complete, and the superstructure has surfaced from the ground.

The opening date of the luxury hotel is scheduled for summer 2022. It will operate under the premier hospitality group, Groupe Lucien Barrière, of Hôtel Barrière Le Fouquet’s Paris.

The project secured a $145m construction loan commitment from Hana Financial Investment of Hana Financial Group.

Caspi Development entities will lead the construction project and make all management decisions including ones related to the construction loan.

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The eight-story hotel will encompass an area of 93,900ft2 and house 96 guest rooms and suites and restaurants with a private members bar.

Other features include a 1,500ft2 interior courtyard, a spa, a swimming pool, meeting space and a screening room.

DPW CEO and chairman Milton Todd Ault said: “We are excited with the progress on the construction of this landmark US flagship property in the premier Tribeca area and thrilled to be a long-term partner in the hotel.”

The company became a limited partner in the Tribeca Hotel development project (NY Partnership) after reaching a limited partnership agreement in June 2018.

The NY Partnership is a limited partner in the partnership engaged in activities and construction associated with a 5-Star luxury hotel on a premium development site in Tribeca.

As a limited partner in NY Partnership, DWP has invested a total of $1.869m.

Last year, the agreement was restructured according to which DPW has no further funding obligations until the hotel is open for commercial operations.