“Although we are traditionally known as commercial landlords, Hidrock has transformed itself into a proven New York City developer,” Hidary said, noting that the project goes hand-in-hand with the city’s increase in tourism. Last year, a record 50 million tourists spent $32 billion locally – which is driving the need for more rooms. “Tourism is booming, and there is a real need for hospitality properties,” he said. “More specifically, the Herald Square submarket has moved from a 9-5 office environment in the day to a thriving 24/7 destination. We are proud to be part of the transformation.”

David Marriott, chief operations officer of Marriott Hotels, said the hotel will cater to business and leisure travelers seeking more room, flexibility and proximity to transit. “SpringHill is a brand that presents incredible style in design at an affordable price, and it is a great alternative and a refreshing new experience,” he said. “I can’t think of a better location than this one in Manhattan. There’s tremendous history in this area. It is a hub for fashion and production for the industry, and this hotel is much needed in this new and evolving neighborhood, which is now surrounded by corporate businesses and leisure travel.”

Under the deal, Bank of Nova Scotia provided a $30 million construction loan for the $54 million project. Once complete, Marriott will manage and operate the hotel.

Check out photos from the construction site below:

A construction worker unfurls a flag during the topping out ceremony as Hidary (right) looks on.

David Marriott, chief operations officer of Marriott Hotels.

The 19-story, 67,000-square-foot hotel will have 173 guestroom suites.