A group of investors led by Empire Capital Holdings purchased the McCarren Hotel & Pool in Williamsburg for $22 million, sources told The Real Deal.
The seller, according to Real Capital Analytics, is a joint venture between private equity firm Wheelock Street Capital and King & Grove (now Chelsea Hotels). King & Grove, in partnership with the Chetrit Group , bought the 64-key hotel at 160 North 12th Street in 2012 for $31.8 million, city records show. They received a $20 million acquisition loan from PNC Bank at the time. In 2013, after Chetrit and King & Grove split up, Wheelock assumed the loan and became the majority owner.
Empire Capital, led by Josh Rahmani and Ebi Khalili, plans to completely rebrand and reposition the hotel, once known as the Hotel Williamsburg, sources said. The hotel’s standout feature is a ground-level saltwater pool, but it also holds a rooftop bar, and restaurant Oleanders (it formerly housed Paul Liebrandt’s Elm).
Venture Capital Properties’ Vickram Jambu and Chris Varjan brokered the deal. They declined to comment, while representatives for Empire Capital couldn’t be reached. The acquisition was financed in part with a loan from Ladder Capital.