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Burnett Equities Buys NYC Hotel Martinique New York on Broadway for $55M – GlobeSt.com

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Oklahoma City-based Burnett Equities has acquired NYC Hotel Martinique New York on Broadway for $55.5 million from Herald Hotel Associates. The ownership plans to invest an additional $55 million to redevelop the 531-room property for a total investment of $110 million. The property is one of New York City’s oldest operating hotels, and is a landmark property.
In addition to the property’s designation as a landmark, the transaction had a number of challenges. The property is unionized and on a ground lease with a nearly vacant retail area. In addition, the property was undergoing a bankruptcy, which was filed in 2020 as the pandemic shuttered the property. As a result, the sale took nearly 12 months to complete, including the marketing process.

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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