CIM Buys Martha Washington Hotel in N.Y.

Public records have revealed that CIM Group paid $158 million for the Martha Washington Hotel in New York plus an additional $14 million for a second parcel next door, a real estate news site in New York reports. According to The Real Deal, the Los Angeles-based CIM bought the 256-room, 130,000-square-foot hotel earlier this month. The developer plans to renovate the property and rename it the Redbury Hotel New York.