DWayne Prieto and 115 Cedar Street in New Rochelle (Linkedin, Google Maps)<\/p>\n
A hotel project pegged as a catalyst for the revitalization of downtown New Rochelle just filed for Chapter 11 bankruptcy.<\/p>\n
A company tied to a luxury Wyndham hotel planned for 115 Cedar Street made the bankruptcy filing Sept. 11 in federal court. The hotels developer is Ward Capital Management, a real estate investment firm based in nearby Dobbs Ferry.<\/p>\n
The hotel project the largest in Westchester County in 20 years owes creditors $4.67 million, including $715,000 to prolific hotel architect Gene Kaufman. It has assets of $4.1 million, according to the filing.<\/p>\n
Ward Capital Management secured New Rochelles approval to build a 24-story, 225-key hotel last summer. The project was part of the citys larger goal to revitalize its downtown area to attract younger residents.<\/p>\n
DWayne Prieto, the managing partner and CEO of Ward Capital, is the husband of Jewelle Prieto, founder and co-owner of the now-shuttered restaurant and nightlife spot Don Coqui, which operated at the site for years.<\/p>\n
Amenities at the 245,000-square-foot hotel tower planned to include a restaurant and bar, a spa, a rooftop pool and grill, valet parking and conference space. The hotels expected completion date was June 2021.<\/p>\n
An attorney representing the hotel, Kevin Nash of Goldberg Weprin Finkel Goldstein, did not immediately return a request for comment. Ward Capital Management declined to comment. Court records show the partners in the project are in litigation; the bankruptcy filing could be a means to resolve their dispute.<\/p>\n
Hotels have been slammed by the pandemic, as tourism and business travel have been virtually nonexistent since March.<\/p>\n
The Courtyard by Marriott in Herald Square just revealed it will not reopen, and a few weeks ago, the Hilton in Times Square also announced it is closing permanently. The 478-room hotel at 234 West 42nd Street disclosed its plans to permanently shutter in a filing with the New York State Department of Labor.<\/p>\n
<\/p>\n
View post: <\/p>\n
Largest Westchester hotel project in 20 years files for bankruptcy - The Real Deal<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" DWayne Prieto and 115 Cedar Street in New Rochelle (Linkedin, Google Maps) A hotel project pegged as a catalyst for the revitalization of downtown New Rochelle just filed for Chapter 11 bankruptcy. A company tied to a luxury Wyndham hotel planned for 115 Cedar Street made the bankruptcy filing Sept. 11 in federal court Continue reading