Investment

Starwood Capital, 1 Hotel brand, chosen for Brooklyn Bridge Park development

20 Jun, 2012 By: David Eisen
 


Barry Sternlicht's and Starwood Capital's much ballyhooed, but up until now nonexistent 1 Hotel brand may soon find a new home in New York—Brooklyn, to be specific.

Toll Brothers City Living, the urban development division of Toll Brothers, Inc. and Starwood Capital Group, on behalf of Starwood Fund IX, have been selected by the Brooklyn Bridge Park Board of Directors to develop a luxury, eco-friendly hotel and condominium community adjacent to Pier 1 in Brooklyn Bridge Park.

The site will feature a 200-room 1 Hotel and 159 condominium residences spread over two buildings marketed under the Toll Brothers City Living brand. It will be located just south of the DUMBO neighborhood and the Brooklyn Bridge, west of Brooklyn Heights and adjacent to the park entrance at Pier 1.

The entire development will total approximately 550,000 square feet, including nearly 16,000 square feet of indoor and outdoor restaurant space, 16,000 square feet of banquet and meeting space, over 2,000 square feet of retail space, a 6,000 square foot spa and fitness center and 300 underground parking spaces.

Starwood Capital's 1 brand is marketed as environmentally friendly luxury hotels, which "combine environmentally sustainable architecture and interior design with impeccable service and luxurious comfort." Problem is, none yet exist. The first one was slated to open in Seattle in 2008. That was before Lehman Brothers. Others were scheduled for Washington, D.C., Los Angeles, Paris, Fort Lauderdale, Fla., Scottsdale, Ariz., and Mammoth Mountain, Calif.

"We are extremely pleased to be partnering with Toll Brothers to build one of the most exciting new developments inNew York City in many years," said Sternlicht, who is chairman and CEO of Starwood Capital Group. "With its incredible views of the Manhattan skyline and the iconic Brooklyn Bridge, extraordinary amenities, attractive and affordable location, and close proximity to transportation hubs, Brooklyn Bridge Park is the perfect location to showcase the 1 Hotel and adjoining residences. We look forward to building an important showcase hotel and waterfront residence like no other project in the five New York City boroughs."

The joint venture will enter into a 97-year ground lease of the site, which will require it to make ongoing payments to help fund the park's maintenance and operation as well as build restrooms, maintenance space and landscaping for the park. The project is expected to break ground by summer 2013 with the hotel and residential building to open in fall 2015.

Topic : Starwood Capital, 1 Hotels, New York, Brooklyn
External Source : Hotel Management, Hotel Chatter
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