Holiday Inn in Orangeburg sells $ 5.8 million to independent hotelier

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Orangeburg hotel scene set to change with Armoni, new Nyack hotel, and ambitious plans for the HNA Palisades Center

By Tina Traster

The town of Orangetown has a new independent hotel – the old Holiday Inn on Route 303 in Orangeburg.

Real estate developer Etta Ostreicher from Monsey bought the chain’s former hotel at 329 Route 303 for $ 5.8 million and renamed it the Armoni Hotel.

This is the first hotel purchase for Ostreicher, president of Paramount Ventures of Spring Valley. Ostreicher, which purchased the entity as Palisades Estates EOM LLC, is a real estate developer, investor, operator and syndicator, according to its LinkedIn page. Her page says she looks for “off-market deals with good potential” and has “extensive expertise in finding deals from the right investors.”

Ostreicher did not respond to an email seeking comment, but the hotel’s general manager confirmed that the developer had purchased the entity from Orangeburg LLC, the former operator of the 171-room Holiday Inn.

In addition to purchasing the hotel property, Palisades Estates also acquired an assignment of the underlying land lease.

For now, the hotel has retained much of the Holiday Inn staff and continues to operate, but general manager Jeanne Emmanuel, who has worked with the hotel for two years, said the new owner is considering transform the property into a boutique hotel. The hotel has two banquet rooms, a bar-restaurant and an outdoor swimming pool.

“We will become a boutique after a renovation,” said Emmanuel. “We are going to renovate the rooms but for now we are continuing to operate.”

The general manager said the hotel, which in Hebrew means “chestnut”, will be marketed to business travelers and tourists.

Aside from Armoni, Orangetown hotels are big chains, or “flags” as they are called. The city has a Residence Inn by Marriott in Orangeburg and a Hilton in Pearl River. IBM’s former property in Palisades which was purchased and managed as a hotel and conference center by HNA Palisades Center at 334 Route 9W is being potentially sold by a team of developers who intend to transform the property in a complex. The hotel has been closed since COVID. And the old Time Hotel in Nyack has been renamed “Joie de Vivre”, a Hyatt brand.

In July, Orangetown selected a “preferred developer” to redevelop the HNA Palisades Center – the Kitching / Pelayo team. Mark Kitching and Jerome Pelayo are real estate broker for Douglas Elliman and home builder, respectively. Their plan envisions an updated hotel / conference center, a world-class spa, a restaurant with biodynamic gardens, spaces for creators, 50,000 square feet of photo and movie studios, test kitchens and coworking. .

To complement Kitching / Pelayo, there is an entity called New Valley Realty, a real estate investment subsidiary of New Valley LLC, a wholly owned subsidiary of Vector Group Ltd (NYSE: VGR). Led by CEO Howard M. Lorber, New Valley invests in renovations, office and rental condominium conversions, underperforming assets, land development and sale, resort and city hotels, basic rental buildings.

In Nyack, the former Time Hotel, which opened in 2016, was the first hotel in town to position itself as a boutique property for city tourists and business travelers. The 133-room hotel at 400 High Street in Nyack filed for bankruptcy in 2018. In 2019, a U.S. bankruptcy court judge approved the $ 18.5 million sale of The Time Hotel of Nyack to Juniper Time LLC, an affiliate of IMH Financial Corporation. The hotel, which had promised to be a game-changer for the Village, continued to struggle.

Bobby Van’s Steakhouse (BVs Grill), the steak and seafood restaurant at The Time Hotel in Nyack, closed in August 2020.

Last February, the hotel was renamed under the Hyatt signature “Joie de Vivre” as part of a franchise agreement. The Joie de Vivre brand, created in 1987, manages hotels with “a touch, a playful spirit and a deep respect for its neighborhoods”, according to its website. “Each place is uniquely inspired by its surroundings and is a story about the community. “

The West Gate Inn at 26 Route 59 in Nyack was once a Best Western motel. A Super-8 by Wyndham is located at 47 Route 59 in Nyack.

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