Burnett Equities Buys NYC Hotel Martinique New York on Broadway for $55M

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.