The Real Deal Tristate

This NYC suburb approved Westchester County’s largest hotel in 20 years

The luxury, TRYP-branded hotel from Wyndham hopes to open by June 2021
July 03, 2019 11:30AM

Rendering of the TRYP by Wyndham hotel in New Rochelle

A hotel bigger than any other built in Westchester County over the past two decades is heading to New Rochelle.

Ward Capital Management, a real estate investment firm based in nearby Dobbs Ferry, has secured New Rochelle’s approval to build a 24-story, 225-key downtown hotel, Bloomberg reported.

The Real Deal noted late last year the proposal by Ward Capital to develop an “urban resort” anchored by a luxury hotel at 115 Cedar Street. D’Wayne Prieto, managing partner and CEO of Ward Capital, is the husband of Jewelle Prieto, founder and co-owner of the now-shuttered restaurant and nightlife spot Don Coqui, which operated at the site for years.

Ward Capital bought the property last year for $3.65 million, according to the Daily Voice Plus, and mortgaged it back to its current owner, Gary Strutin of Cedarland LLC, for $2.55 million. Ward Capital, which is also backing another regional hotel project on Long Island, plans to have Wyndham Hotels Group operate the new $64 million hotel in New Rochelle.

The TRYP by Wyndham hotel “will have a glass tower connected to a 114-year-old brick building that will serve as the hotel lobby,” according to Bloomberg. The 245,000-square-foot space will have various amenities, including a restaurant and bar, a spa, a rooftop pool and grill, valet parking and conference space.

The approval by New Rochelle’s planning board on June 25 comes as the city has worked to revitalize its downtown area to attract younger residents. Ward Capital recently received preliminary approval for a 20-year property tax abatement for the hotel site worth $16.7 million from the New Rochelle Industrial Development Agency, according to the DVP, as well as $4.1 million in sales and mortgage tax exemptions.

TRD reported earlier this year on the measures New Rochelle has taken to court developers, such as implementing a 90-day approval process for new projects. The TRYP hotel planned for the city hopes to begin construction in January and open by June 2021. [Bloomberg] — Maya Rajamani