Soho Properties, MHP Real Estate Services and Hampshire Hotels Management are bringing a Dream Hotel to the current location of Parsons The New School of Design, reports The Real Deal.
The hotel, to be at 560 Seventh Avenue at West 40th Street, will be Hampshire’s third Dream Hotel in Manhattan, joining the chain’s others, one on West 55th Street; the other on West 16th Street, right above the Meatpacing District.
“The southern end of the Times Square District has clearly transformed into a formidable business corridor, and we see this important dress as a strategic addition to the Dream portfolio,” Eric Danziger, Hampshire’s president and CEO, told GlobeSt. Danziger recently left Wyndham Hotel Group as its CEO.
The property, he added, will be “completely re-imagined and will be a terrific addition to perhaps the most visited area in New York.”
The trio purchased the site in October for $61.5 million as part of a development project valued at over $300 million.