Urban Commons names BPC lender winning bidder for hotel lease assets

By Sarah Lizee

Olympia, Wash., May 9 – Urban Commons 2 West LLC named debtor-in-possession lender BPC Lender, LLC the winning bidder for its hotel lease assets, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

The lease relates to a mixed-use building at 2 West Street, New York.

The purchase price consists of a $78.5 million credit bid.

An auction scheduled to take place on May 9 was canceled because no other qualified bids were received.

A sale hearing will take place on May 16.

Urban Commons is a Corona Del Mar, Calif.-based company that modernizes underperforming hotels. The company filed Chapter 11 bankruptcy on Nov. 15 under case number 22-11509.

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