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.