The Oetker Collection, a German hotel operator of luxury properties, is developing its ninth and 10th hotels worldwide and its first two in the Americas. A release from the company showed two new properties coming to New York and Sao Paulo, aiming for 2018 and 2017 openings, respectively.
The company's New York hotel will open at 550 Madison Avenue, between 55th and 56th street, in the former Sony Tower. The hotel will have 170 rooms, including 60 suites, and will comprise eight of the building's 43 stories. The building was originally constructed as the headquarters for AT&T in 1984, and once completed the hotel will have a bar and lounge area, a restaurant, spa, fitness center and an 82-foot pool.
Above the hotel, from floors 21 to 43, the building will consist of 115 luxury apartments constructed by the Chetrit Group, owner of the building. The apartments will be serviced by the Oetker Collection.
The Collection's second announced hotel, the Palacio Tangara, will open in Sao Paulo in spring 2017. The 141-room property will include 55 suites, and was designed by William Simonato and Patricia Anastassiadis, The hotel will have a chef's table, bar, wine cellar, lobby and lounge bar, 11 function rooms, a fitness center, spa, private garden and both indoor and outdoor swimming pools.
"After our successful partnership in the Caribbean with Eden Rock - St Barths, the reopening of The Lanesborough earlier this year and the prospect of an opening in New York, we are thrilled to launch a hotel in Sao Paulo," said Timo Gruenert, CFO for the Oetker Collection.
The Oetker Collection currently has eight properties in France, Germany, Morocco, London, Saint Barthelemy and the Seychelles. In 2012, the company had plans to expand into the Middle East, eyeing the Le Bristol of Abu Dhabi, which was built for $165 million. However, in 2013 the Oetker Collection withdrew its plans for the region. At the time, Oetker expressed continued interest in developing in Oman, Doha and Dubai before shifting its gaze to the Americas.
Meanwhile, foreign interest in New York City continues to be boundless. Last week, the Abu Dhabi Investment Authority completed the acquisition of the city's London Hotel for $382 million. In early November the Lotte Group, which has its headquarters in South Korea and Japan, closed the deal on the New York Palace in midtown Manhattan for $805 million.