Hyatt Hotels Corporation has acquired 100 percent of the 210-room Park Hyatt New York for approximately $390 million, inclusive of pre-opening and related costs, the company reports. The hotel is expected to open later this month.
“With its prominent location in one of the world’s most important markets and its elegant aesthetic, Park Hyatt New York will have a meaningful impact on the visibility and reputation of the Park Hyatt brand,” said Steve Haggerty, global head of capital strategy, franchising and select service, Hyatt Hotels Corporation. “Park Hyatt New York is an excellent example of Hyatt using the strength of its balance sheet to enter markets like New York that have high barriers to entry, and acquiring whole ownership of the hotel gives us the flexibility to recycle the asset at the appropriate time.”
The hotel is located within the 90-story glass tower that also houses One57, designed by Pritzker Prize-winning architect Christian de Portzamparc and developed by Extell Development Company.
Interiors were designed by interior design team Yabu Pushelberg.
The hotel is situated between 6th and 7th Avenues on West 57th Street in Manhattan, across the street from Carnegie Hall.