A 100-key boutique hotel that’s said to have counted among celebrity guests members of the Kardashian family has been sold.
Real estate investment firms Republic Investment Company and Capstone Equities said in a statement they acquired the Smyth Tribeca, located at 85 W. Broadway in the heart of Tribeca.
A spokesperson for the new owners didn’t immediately respond to a CoStar News request seeking comment and details. The purchase price was $39.8 million with Vanbarton Group the seller, according to CoStar data.
The purchase marks the seventh New York hotel acquired by Republic and Capstone, adding to their portfolio that also include The Renwick, Ink48 and Life Hotel New York, the partners said.
The new owners said they plan to “elevate the boutique property’s guest experience and positioning with thoughtful enhancements planned for 2026.” They have tapped Rebel Hotel Company to operate and lead the property’s “luxury positioning” to ensure the hotel’s “standing within the competitive Tribeca landscape.”
The purchase comes as New York’s hotel market has outperformed the U.S. average. Through June, the revenue per available room rose 6.8%, well ahead of the 1.5% U.S. growth rate, according to a CoStar analysis. The average daily rate in New York has risen by 5.3%, to $324.17 over the past 12 months to a record high amid improved occupancy.
Many of the hotel’s rooms feature floor-to-ceiling windows and private terraces, the new ownership said, adding the hotel is also home to Mercer Street Hospitality’s Smyth Tavern restaurant and Galerie Bar.
Originally opened in 2009, the hotel has undergone a $10 million-plus overhaul between 2018 and 2023, including a Meyer Davis-designed lobby and suites upgrade, and a revamped fitness center, the partners said. The hotel also features nearly 7,000 square feet of indoor and outdoor private event space, including the penthouse suite and cellar-level Red Room.
“Smyth Tribeca has long been a discreet favorite among creatives, celebrities, and downtown tastemakers,” Republic said in the statement.