InterContinental Hotels Group (IHG) signed a 251-room Crowne Plaza hotel on 36th Street in New York City. The property is scheduled to open in 2017, and IHG will manage on behalf of the owner, LRR Holdings.
Lance Steinberg and Frank Chan are the majority shareholders of LRR Holdings. They also own two EVEN Hotel properties that are currently under construction in New York with the first to open this year on 35th Street.
"We are enthused to be adding a new Crowne Plaza hotel to our New York City portfolio. This is a thriving market for hotel development and among the top destinations in the world for business and leisure travelers," said Joel Eisemann, chief development officer, The Americas, IHG. "We are pleased to expand our relationship with LRR Holdings, to grow the presence of our new and well-established brands in a priority market, creating even more opportunity for us to meet the needs of travelers now and into the future."
"Over the course of 20 years, our company has created a 500,000 square-foot collection of owned and managed multi-tenant commercial space, and we are excited to build our hotel portfolio with IHG," said Lance Steinberg, managing partner, LRR Holdings.