Juniper Capital & IMH Financial Acquire The Time Nyack Hotel
April 2, 2019 1:02pm
April 2, 2019 (Scottsdale, Ariz.) – An affiliate of Juniper Capital Partners and an affiliate of IMH Financial Corporation announced today the acquisition of The Time Nyack hotel in New York’s Hudson Valley. The upscale, lifestyle hotel with loft-style accommodations is the only of its kind in Rockland County.
Plans to enhance the entire hotel include a refreshed look at the property’s culinary offerings and the debut of a new rooftop experience to showcase the amazing views of the Hudson River and newly reconstructed Governor Mario M. Cuomo Bridge. The 133-room Time Nyack, which first opened in May 2016, is both a dining destination for Westchester and Rockland County locals as well as an opportunity for travelers from outside the area to experience the region like never before.
“As a company, we are drawn to buildings that are deeply rooted in the local community with historical ties that we can revitalize with modern amenities to suit today’s travelers,” said Juniper Capital Real Estate Managing Partner Jay Wolf. “This first-of-its-kind lifestyle hotel in the Hudson Valley has yielded tremendous benefits for the village of Nyack, surrounding communities and the greater region. Upon acquisition, we will continue to deliver on local promises while inviting guests from around the country to experience greater New York. Juniper Capital Partners will leverage its existing partnership with IMH Financial Corporation who will be asset managing the property.”
“There’s significant gratification and pride in being part of the acquisition of the Time Nyack hotel,” said IMH Financial Corporation Chairman and CEO Lawrence Bain. “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.”
Brand-new construction housed within the framework of a four-story, former factory, The Time Nyack is an inviting lodging option for modern travelers, leisure and business travelers. An open, industrial feel lends itself to the overall hotel vibe where bare brick walls frame the structure, complemented by exposed ducts and high ceilings along with contemporary design elements.
The property aims to provide individual experiences for guests with exceptional public spaces including an on-site steakhouse operated as BV Grill, an offshoot of the well-known Bobby Vans Steakhouse, an outdoor bar and pool deck and more than 3,000 square feet of event space.
Nyack is located in Rockland County, which is less than an hour drive from New York City and easily accessible by the newly reconstructed Governor Mario M. Cuomo Bridge. An urban stopover defined by its culture, history and nature, the city is known for its festivals, parades, shops, landmarks and trails.
Juniper Capital Partners boasts an exceptional portfolio of luxury hotels including the Hard Rock Hotel and Casino in Las Vegas, Nevada and The St. Regis Residences in Toronto, the first St. Regis property in Canada. Juniper also has a significant investment and ownership position in IMH Financial Corporation, which currently owns and manages the newly renovated luxury MacArthur Place Hotel & Spa in Sonoma, California, and previously owned and managed L’Auberge de Sedona in Sedona, Arizona.
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IMH Financial Corporation is a real estate finance and hospitality investment company based in Scottsdale, Arizona, with extensive experience in various aspects of commercial real estate lending and investment. Since 2003, IMH has invested over $1.4 billion in real estate projects in Arizona, California, Nevada, Utah, Idaho, Minnesota, New Mexico, and Texas. IMH is the current owner and manager of MacArthur Place Hotel & Spa in Sonoma, Ca and previous owner and operator of L’Auberge de Sedona. The corporation’s primary expertise is in acquiring, financing, or developing commercial, residential and hospitality real estate, primarily in the southwestern United States, as well as the management of several existing commercial operations.
Juniper Capital Partners, LLC is an investment firm with a predisposition towards distressed or out-of-favor assets with attractive valuations. Juniper’s investments typically require substantial repositioning and Juniper is active in all aspects of the investment process including the origination, structuring, underwriting, management and sale of its interests. Juniper’s Managing Partners have significant investment management experience and the partners have held positions as partners in investment firms and as senior managers in large multi-national firms and global investment banks. They have managed significant portfolios of assets and operating companies and have a successful track record of growth and returns.
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