DPW Holdings, Inc. (NYSE American: DPW), a diversified holding company, this morning announced that an investment group that includes DPW as an investor has secured an $85 million construction loan commitment from a New York City-based multinational investment bank for the construction of a five-star ultra-luxury hotel in Tribeca. Per the update, the project is expected to be led by two New York real estate development companies – Mactaggart Family & Partners LP and Caspi Development – as detailed in a May 25, 2018, news release highlighting DPW’s investment in the group. “With strong luxury hospitality fundamentals and specific location advantages the Hotel is positioned to capitalize on the exploding business and residential growth of Lower Manhattan,” Milton “Todd” Ault III, CEO and chairman of DPW, stated in the news release. “This loan commitment from a prestigious bank validates our opportunity and keeps the Hotel on track to be completed in the summer of 2020. The anchor of DPW’s hospitality portfolio, the Hotel is expected to deliver long-term predictable cash-flow.”
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About DPW Holdings, Inc.
DPW Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with global impact. Through its wholly owned subsidiaries and strategic investments, the company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, crypto-mining, and textiles. In addition, the company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. For more information, visit the company’s website at www.DPWHoldings.com
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