The Time Nyack, a 133-room hotel whose former operator, EMC Hotels & Resorts LLC was the object of a petition filed in federal court in White Plains to force it into Chapter 7 liquidation, has been sold to affiliates of two organizations that have substantial experience in the hospitality and finance sectors, according to an announcement from the companies involved in the purchase.
The hotel was acquired by an affiliate of Juniper Capital Partners and an affiliate of IMH Financial Corp.
IMH Financial is the current owner and manager of MacArthur Place Hotel & Spa in Sonoma, California. Since 2003, IMH Financial has invested more than $1.4 billion in real estate projects in Arizona, California, Nevada, Utah, Idaho, Minnesota, New Mexico and Texas.
Juniper Capital Partners has in its portfolio the Hard Rock Hotel and Casino in Las Vegas and The St. Regis Residences in Toronto. It is an investor/owner of IMH.
The Rockland County hotel was created from a 4-story factory building at 400 High Ave. in Nyack. It’s described as having an industrial feel with some bare brick walls, exposed ducts, high ceilings and views of the Hudson River and the new Mario Cuomo Bridge. The hotel has 3,000 square feet of event space along with an outdoor pool with deck and bar.
Lawrence Bain, chairman of IMH, said, “While elevating our current portfolio and strengthening our existing relationship with Juniper Capital Partners, IMH will continue to offer an unprecedented level of luxury and excellence to the Hudson Valley.”