The 298-room luxury hotel at 2 West St., which is owned by UK-based Millennium Partners, marks a Manhattan homecoming for the Ritz Carlton brand, which has not had a presence in the city since 1997. Located on the first 14 floors of a 39-story tower--113 condominium apartments occupy the top 25 floors--the hotel's 259 guest rooms and 39 suites range in price from $325 to $4,500 per night.

Though the hotel initially was considered a slam-dunk proposition, the World Trade Center bombings and the resulting travel-industry slump make the property a riskier proposition than could have anticipated. Ritz Carlton officials are touting the property's harbor views and over-the-top amenities in hopes of overcoming the stigma attached to the area since the World Trade Center was destroyed by terrorists' bombs. Included among the posh hotel's 320 staff are a bath butler who is on tap to draw the tubs of discerning soakers and a bottled-water sommelier for thirsty-but-cautious quaffers.