New York-based development and investment firm Assa Properties will develop its third Cassa-branded hotel and residential property in Puerto Vallarta, Mexico.
Cassa Hotel & Residences at Puerto Vallarta will be Assa Properties' first condo-hotel project outside of the U.S. The total project cost is estimated to range between $150 million to $200 million.
Cassa Puerto Vallarta will be a resort-style property on the Pacific Ocean. It will have approximately 300 condo units and 150 guestrooms once it’s complete by the end of 2020. Construction is expected to begin in early 2019. The new resort will be near Puerto Vallarta's mountains, coastline, beaches, nightlife, water sports, restaurants, bars, shopping and cultural sites.
This latest Cassa project will follow the openings of the Cassa Hotel NY 45th Street and Cassa Times Square Hotel and Residences.
“Cassa Puerto Vallarta is the first step in both our U.S. and international expansion of the Cassa brand,” Solly Assa, president and CEO of Assa Properties, said in a statement. “We are planning other Cassas in both the resort- and urban-styles and look forward to rolling those projects out in the near future.”
Assa Properties along with Chetrit Group and Read Property Group set plans in May 2017 to convert the Cassa Times Square Hotel into 108 condominiums, according to The Real Deal. However, the partners shelved the plan in March 2018 and decided to continue renting out the extended-stay guestrooms. The original conversion plan was valued at $117.5 million.
Assa Properties acquired the site in 2006 from Rosedale Equities in a $36.3-million deal. Meyer Chetrit, president of the Chetrit Group, and Robert Wolf of Read Property Group later became investors for the Cassa Times Square Hotel development. The partners completed construction on the hotel in 2014.
HNA Group acquired Assa Properties' Cassa Hotel NY 45th Street in 2012, after PCCP granted the developer a $65-million senior loan to rebrand the 165-room property, according to a report form The Real Deal. Viceroy Hotel Group took over management, following the sale.