CIM Group Buys Manhattan’s Martha Washington Hotel
CIM Group recently acquired the 256-room Martha Washington Hotel in Manhattan with plans of transforming the property and rebranding it as The Redbury.
By Barbra Murray, Contributing Editor
The Martha Washington Hotel in Manhattan just got a new owner and will soon get a new name–again. CIM Group recently acquired the 256-room lodging destination from Chelsea Hotels, with plans of transforming the property and rebranding it as The Redbury Hotel New York.
CIM, which also snapped up a nice piece of land adjacent to the hotel, has thus far remained mum on the acquisition price. The historic property last changed hands in 2012, when Chelsea Hotels, then King & Grove Hotels, purchased the asset from Rockpoint Group L.L.C. for $116 million.
Located in the Midtown South’s NoMad District, the Martha Washington extends through an entire city block and claims two addresses: 29 E. 29th St., the main entrance, and 30 E. 30th St. The 12-story building first opened its doors in 1903 as a hotel exclusively for women and over the last several years has had more than a few names, going from the Martha Washington to Hotel Thirty Thirty to Hotel Lola to the King & Grove New York Hotel, back to the Martha Washington and now, The Redbury.
The last two months have proven a fruitful acquisition period for CIM. Since September, the company grabbed the 272,000-square-foot L&C Tower office complex in Nashville, and purchased a 290,000-square-foot condominium interest in the 350,000-square-foot office building at 625 N. Michigan Ave in Chicago.
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