The hotel project, which catalyzed the revitalization of downtown New Rochelle, has just filed for Chapter 11 bankruptcy.
A company tied to a luxury hotel in Wyndham planned Cedar Street 115 filed for bankruptcy on September 11 in federal court. The hotel is developed by Ward Capital Management, a real estate investment company based on the nearby Dobbs ferry.
The hotel project – the largest in Westchester County in 20 years – owes creditors $ 4.67 million, of which $ 715,000 to a prolific hotel architect Gene Kaufman. According to the submission, it has assets of $ 4.1 million.
Last summer, Ward Capital Management secured New Rochelle’s approval to build a 24-story hotel with 225 keys. The project was part of the city’s larger goal of revitalizing the city center to attract younger residents.
D’Wayne Prieto, managing partner and CEO of Ward Capital, is the husband of Jewelle Prieto, the founder and co-owner of the now-closed Don Coqui nightlife restaurant and spot, who has been with the site for years.
Facilities at the hotel’s 245,000-square-foot tower included a restaurant and bar, a spa, a rooftop pool and barbecue facilities, valet parking and conference facilities. The expected completion date of the hotel was June 2021.
The hotel’s lawyer, Kevin Nash of Goldberg Weprin Finkel Goldstein, did not immediately return a request for comment. Ward Capital Management declined to comment. Court records show that project partners are involved in litigation; filing for bankruptcy could be a means of resolving their dispute.
Hotels they were hit by the pandemic because tourism and trade routes had been virtually non-existent since March.
The Courtyard by Marriott in Herald Square has just revealed that it will do not open againand the Hilton in Times Square announced it a few weeks ago it closes permanently. The 478-room hotel at 234 West 42nd Street has announced its plans to close permanently in a filing with the New York Department of Labor.