Times Square Hotel to join W Hotels
The landmark Manhattan at Times Square Hotel in New York, acquired by a Qatari investment firm, is to join Starwood’s W Hotels brand.
Al Rayyan Tourism and Investment Company (ARTIC) took control of the hotel late last year in a deal worth about $535 million.
ARTIC and Starwood Hotels & Resorts announced a management agreement with effect from 2017 once the $250 million renovation and conversion project of the 689-room hotel is complete.
"When we acquired The Manhattan at Times Square Hotel last year we said we were planning a major renovation and for the hotel to be managed by a leading international hotel company. Today’s announcement marks the next stage in that process and it also reflects our commitment to increase the value of our assets," said ARTIC executive Tarek M el-Sayed.
"We look forward to further enhancing our US presence as more opportunities arise."
Established in 2003, ARTIC has been growing its portfolio of upscale hotels in major cities worldwide which numbers 24 hotels open or under development in the Middle East, Africa, Europe, and North America.
The company recently acquired its fourth US hotel, the Starwood branded St Regis Washington, DC.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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