Restoration Hardware is getting into the lodging business. The upscale home-furnishings company is planning to open a boutique hotel and restaurant around the corner from its upcoming flagship store in the meatpacking district of New York City.
The company leased all of 55 Gansevoort St., a 25,000-square-foot building near the 70,000-square-foot space it leased last year for its flagship at 9-19 Ninth Ave., which was the home of eatery Pastis.
The 14-room hotel will act in part as a showroom for the brand, including Restoration Hardware's furniture and fixtures, and will have a ground-floor restaurant. It is the first hospitality concept launched by the California-based public company.
"Given what's happening with the High Line and the Whitney Museum and the major office tenants going there, that neighborhood is gaining a lot of credibility," Jeffrey Davis, the head of JLL's hotels and hospitality group in the city, told Crain's New York Business. Davis was not involved in this particular transaction. "There's a lot of demand that bodes well for hospitality."
The Restoration Hardware deal also follows other big consumer brands that have taken space in the neighborhood to showcase their products. Lexus last year opened a boutique that was part art gallery, café, retail store and auto showroom.
Restoration Hardware's hotel at 55 Gansevoort St. is owned by Delshah Capital.
Mark Masinter, a executive with Open Realty Advisors, helped arrange the hotel deal for Restoration Hardware, along with brokers Paul Amrich and Barry Finkelman, who are both with CBRE.