New York City, August 28, 2025
News Summary
MML Hospitality, based in Austin, has acquired the luxurious Nine Orchard hotel in Manhattan’s Lower East Side for $92 million from DLJ Real Estate Capital Partners. The historic property, formerly the Jarmulowsky Bank Building, underwent extensive renovations before opening as a hotel in 2022. MML plans to manage the hotel’s restaurants, including the Corner Bar, with Chef April Bloomfield at the culinary helm. This acquisition marks a significant move in urban hotel investments as MML aims to reposition the hospitality space in a competitive market.
New York City — Austin-based MML Hospitality has acquired the luxury Nine Orchard hotel on the Lower East Side of Manhattan for $92 million, purchasing the property from DLJ Real Estate Capital Partners. The hotel is housed in the landmarked former Jarmulowsky Bank Building and the transaction follows prior renovations and ownership changes at the site.
Key details of the acquisition and immediate plans
The property sale for $92 million transfers control of the Nine Orchard hotel to MML Hospitality. The seller, DLJ Real Estate Capital Partners, originally acquired the bank building and an adjacent property in 2012 for $41 million and completed extensive renovations to convert the assets into hospitality space. The Nine Orchard hotel first opened in 2022 in the renovated, landmarked 1912 bank building.
MML is negotiating to oversee the hotel’s restaurants, including the flagship Corner Bar. Culinary leadership at Nine Orchard will be managed by executive chef April Bloomfield, who will head culinary operations and maintain a focus on seasonal cooking. The planned restaurant concept is described as a New American restaurant scheduled to operate seven days a week from 8 a.m. to midnight, with capacity for 68 tables plus a bar. Current culinary staff are expected to remain in place for at least one year after the transition.
Operational and brand notes
The Nine Orchard hotel has experienced several operational changes since opening, including an early management shift after the exit of chef Ignacio Mattos shortly after the hotel’s 2022 debut. The property previously underwent multiple rebranding attempts for its restaurant space. MML has a documented history of repositioning and revitalizing hotel restaurants and food-and-beverage concepts, with past projects including Joann’s Fine Foods at the Austin Motel and work at the Saint Vincent Hotel in New Orleans.
Related hospitality and industry moves
In separate hospitality sector activity, a consortium including the Texas General Land Office, investment firm Rockbridge, and the Alamo Trust has acquired the historic Menger and Crockett hotels in San Antonio. Those purchases are part of a larger initiative to protect the historic grounds of the Alamo and support the planned Alamo Plaza makeover, which includes a new visitor center and museum slated to open in 2027. The hotels sit on land that once belonged to Mission San Antonio de Valero.
Financial activity elsewhere in the hotel market includes a $79.3 million refinancing secured by a joint venture of MetLife Investment Management and MDM Group for the 357-key JW Marriott Marquis Miami. The 41-story downtown Miami property underwent a $16 million renovation in 2023.
Industry trends and regional moves
- Business travel costs rose by 2.6% year-over-year in Q2, up from a 0.6% increase in Q1, according to industry travel data aggregators.
- Cities forecast to see notable hotel price increases by 2026 include Toronto (5.8%), Madrid (4.8%), London (4.2%), New York (4.0%), Berlin (3.7%), and Paris (2.4%).
- Leadership and partnership moves: Ranju Alex has been named CEO for Accor’s South Asia operations, covering India, Bangladesh, Pakistan, and Sri Lanka. Singapore-based Alyvate Hospitality has entered a partnership with Bay Street Hospitality VCC for asset management of hospitality assets in Southeast Asia.
- InterGlobe Enterprises’ lifestyle boutique hotel brand Miiro plans to open a 64-key property, Miiro Palais Rudolf, in Vienna in December, marking the brand’s entry to the city.
Background and context
The Nine Orchard hotel occupies a restored 1912 bank building on Manhattan’s Lower East Side. The building was adapted for hospitality use after DLJ Real Estate Capital Partners’ 2012 acquisition and subsequent renovation work. The hotel’s launch in 2022 was accompanied by shifts in its restaurant operations and leadership, which have continued to evolve under the new ownership.
MML Hospitality’s purchase continues a trend of investor activity in core urban hotel assets, along with targeted investments in historic properties and food-and-beverage program overhauls intended to reposition assets in competitive markets.
Key features
| Feature | Detail |
|---|---|
| Property | Nine Orchard (former Jarmulowsky Bank Building) |
| Location | Lower East Side, Manhattan, New York City |
| Buyer | MML Hospitality (Austin-based) |
| Seller | DLJ Real Estate Capital Partners |
| Purchase price | $92 million |
| Previous acquisition/renovation | Purchased in 2012 for $41 million and extensively renovated |
| Building year | 1912 (landmarked bank building) |
| Hotel opening | 2022 |
| Culinary lead | April Bloomfield — seasonal-focused New American concept |
Timeline
| Date / Year | Event | Status / Source |
|---|---|---|
| 1912 | Original construction of the Jarmulowsky Bank Building | Historic building (landmarked) |
| 2012 | DLJ Real Estate Capital Partners acquired the bank building and adjacent property for $41 million and renovated | Acquisition & renovation completed |
| 2022 | Nine Orchard hotel opened; early restaurant leadership change (chef exit) | Hotel launch with subsequent rebranding steps |
| 2023 | JW Marriott Marquis Miami completed a $16 million renovation | Renovation reported |
| 2025 | MML Hospitality acquired Nine Orchard for $92 million | Transaction closed |
| 2027 (planned) | New Alamo visitor center and museum scheduled to open as part of Alamo Plaza makeover | Planned completion |
Visual charts: market indicators
FAQ
Who bought the Nine Orchard hotel and for how much?
The Austin-based hospitality group MML Hospitality acquired the Nine Orchard hotel for $92 million from DLJ Real Estate Capital Partners.
What is the history of the building and prior ownership?
The property is a landmarked former bank building constructed in 1912. DLJ Real Estate Capital Partners acquired the building and an adjacent property in 2012 for $41 million and completed extensive renovations before the hotel opened in 2022.
Who will manage the hotel’s restaurants and what are the plans?
MML Hospitality is negotiating to oversee the hotel’s restaurants, including the Corner Bar. Executive chef April Bloomfield will lead culinary operations with a New American concept focusing on seasonal cooking, operating seven days a week from 8 a.m. to midnight. Culinary staff will remain for at least one year.
What other notable hospitality transactions or industry moves were reported?
Notable moves include the Texas General Land Office, Rockbridge, and the Alamo Trust purchasing the Menger and Crockett hotels to protect Alamo grounds, a $79.3 million refinancing for the JW Marriott Marquis Miami, leadership appointment of Ranju Alex at Accor South Asia, and various partnership and brand expansion activities across Southeast Asia and Europe.
How is the broader hotel market trending?
Business travel costs rose 2.6% year-over-year in Q2, up from 0.6% in Q1. Cities projected to see the largest hotel price increases by 2026 include Toronto (5.8%), Madrid (4.8%), New York (4.0%), London (4.2%), Berlin (3.7%), and Paris (2.4%).
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Hotel Investment Today
- Wikipedia: MML Hospitality
- Eater New York
- Google Search: Nine Orchard hotel acquisition
- Eater New York: Aoko Matcha Opening
- Google Scholar: DLJ Real Estate Capital Partners
- Wikipedia: Lower East Side
- Encyclopedia Britannica: April Bloomfield
- Hotel Investment Today
- Google News: New York hotel market trends
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