Hyatt building most expensive hotel ever in NYC
Hyatt is spending a record US$1.8 million per room on the brand’s first Park Hyatt Hotel in Manhattan. The new hotel will become the US flagship of the Hyatt luxury brand, and the most expensive hotel ever built in New York, according to press accounts.
Hyatt announced Pritzker Prize-winning architect Christian de Portzamparc designed the hotel.
The 90-story tower will also feature 135 residential units with views of Central park and the New York skyline. There will also be a bar, restaurant, grand ballroom, spa, fitness center, indoor swimming pool, and three-story aerie at the top of the hotel.
"The world-class hotel will reflect Park Hyatt’s intimate and understated elegance with interiors designed by the design firm Yabu Pushelberg," said Hyatt in the press release.
The 201-room hotel will cost US$375 million, said Crain’s New York Business. The hotel, due to open in 2012, is across from Carnegie Hall at 157 W. 57th Street.
The hotel is said to be the first newly built five-star hotel in the city since the Mandarin Oriental opened in the Time Warner Center in 2003.
According to Crain’s, during a meeting with Wall Street analysts, Hyatt Chief Executive Mark Hoplamazian said the company’s "presence in New York City is being transformed [over this year and next]."
Hoplamazian also pointed out the Chicago-based company had just one hotel in New York, the Grand Hyatt on East 42nd Street, for many years.
By David Wilkening
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