Starwood Hotels & Resorts Worldwide Inc. says the aging hotel--which occupies the block bordered by Broadway, Seventh Avenue, 51st Street and 52nd Street--no longer lives up to the upgraded standards it has set for Sheraton. Starwood's most-recognized brand will soon complete a three-year, $6-billion overhaul worldwide that includes a $90-million makeover of the Sheraton New York Hotel & Towers.
White Plains, NY-based Starwood maintains a strong presence with the Westin Times Square, W Times Square and the soon-to-open Element Times Square West. The company says it has received "considerable interest from investors and developers" in partnering on the Sheraton Manhattan redevelopment.
"The Sheraton Manhattan occupies a highly sought after piece of real estate in a prime location, and we're excited about the prospect of redeveloping it into a flagship Starwood hotel," Simon Turner, Starwood's president of global development, stated in a release. Starwood has a total of 13 hotels in New York City with plans to open six more this year, including the W New York Downtown, Four Points by Sheraton Long Island City and Aloft New York Brooklyn.
Starwood on Thursday posted a $107-million fourth-quarter loss related to its vacation-ownership business, yet company executives anticipate a stronger 2010 with RevPAR increasing by as much as 5%. "We're starting to see business build back," Starwood CEO Frits van Paasschen told CNBC, adding that he expects business travelers to spend on upscale lodging again as soon as the economy rebounds.
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