Case study · The Martinique

A Broadway landmark, brought back.

1898
535Keys
$55.5MAcquisition
$293MAppraised value at completion
40,000+ SFRetail leased
  1. The landmark

    One of New York’s oldest hotels

    Designed by Henry Janeway Hardenbergh, the architect behind The Plaza and The Dakota, the hotel opened in 1898 at Broadway and 32nd Street and grew in phases through 1910. The PGA of America was chartered in its boardroom in 1916.

  2. The distress

    Bankruptcy in the pandemic

    COVID pushed the hotel’s owner into bankruptcy, and the retail space at the base of the building sat largely empty.

  3. The conviction

    Redwood steps in

    In November 2021, Redwood’s principals, then Burnett Equities, acquired the hotel for $55.5 million, restructured the ground lease, and signed leases for every retail space before closing.

  4. The repositioning

    Recapitalized and restored

    A $95.6 million senior loan, $44.3 million of historic tax credits, and PNC as tax credit investor fund a $105 million restoration. $58 million of work is already in place, from the façade to the lobby, ballroom, and building systems, and more than 40,000 square feet of retail is leased.

  5. Today

    Curio Collection by Hilton

    535 keys on Broadway and a member of Historic Hotels of America, with all 535 keys renovated by the end of 2028 and an appraised stabilized value of $293 million.

Did you know

  • 1916The PGA of America was chartered in the hotel’s second floor boardroom.
  • The PlazaIts architect, Henry Janeway Hardenbergh, also designed The Plaza, The Dakota, and the original Waldorf-Astoria.
  • VaudevilleStage star Gus Edwards produced shows in the hotel’s Pierrot Room.
  • 1998Designated a New York City Landmark, with a French Renaissance façade of brick, terra cotta, and limestone.

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