CIM buys Martha Washington Hotel

Property will be rebranded as the Redbury Hotel New York

Nov.November 13, 2015 06:29 PM

CIM Group recently bought the Martha Washington Hotel in NoMad with plans of transforming the property and rebranding it as the Redbury Hotel New York.

The Los Angeles-based real estate investment firm acquired the 256-room property at 29 East 29th Street, between Park and Madison avenues, from Ed Scheetz‘s Chelsea Hotels brand.

The purchase price was not disclosed, according to Commerical Property Executive. The hotel last changed hands in 2012, when Chelsea Hotels, then known as King & Grove Hotels, acquired it from Rockpoint Group for $116 million.

Since then, Scheetz fell out with partners the Chetrit Group and reached an agreement with brothers Joseph and Meyer Chetrit to split up their boutique hotel portfolio. He put the Martha Washington and another hotel, the McCarren Hotel & Pool in Williamsburg, on the market earlier this year.

The 12-story Martha Washington, which first opened its doors in 1903 as a hotel exclusively for women, has changed names a number of times over the past several years – going from the Martha Washington, to Hotel Thirty Thirty, to Hotel Lola, to the King & Grove New York Hotel, and back to the Martha Washington.

While the landmarked property only reopened last fall after a renovation, it is now set for another rebranding and transformation as the Redbury. [CPE]Rey Mashayekhi

Related Articles

685 Fifth Avenue and Michael Shvo (Credit: Shvo)

Shvo, partners land $120M construction loan for 685 Fifth Avenue

Canarsie Plaza and Blackstone’s Kathleen McCarthy (Credit: Google Maps and Blackstone)

Blackstone picks up Canarsie shopping plaza for $130M

From left: 295 Fifth Avenue, 3 World Trade Center, 50 Rockefeller Plaza (Credit: Google Maps, Wikipedia)

These were NYC’s top office leases in October

Clockwise from left: 31 West 27th Street, 1271 Sixth Avenue, 781 Metropolitan Avenue (Credit: StreetEasy and Google Maps)

New Equinox tops list of NYC retail leases in October

The Watchtower building at 25 Columbia Heights, CIM Group’s Shaul Kuba (right) and LIVWRK’s Asher Abehsera (Credit: Wikipedia, CIM Group, and LinkedIn)

JPMorgan leads $335M refi for CIM and LIVWRK’s Watchtower renovation

John Loeb Jr. and 237 East 61st Street in Lenox Hill (Credit: Google Maps and Wikipedia)

These are some of the most notable resi sales of the week

Owners of NoMad Hotel failed to pay $100M to lenders and investors

Owners of NoMad Hotel failed to pay $100M to lenders and investors

Marriott to build the tallest modular hotel in the world in NoMad

Marriott to build the tallest modular hotel in the world in NoMad