NEW YORK CITY- Marriot International has acquired the W New York in Union Square hotel in Manhattan for $206 million.
The sale is one component of Marriott International's extensive plan to rebrand the W portfolio across North America, which will begin with the renovation of the hotel to incorporate a contemporary design representative of the reinvigoration of the W brand in North America.
Located at the corner of 201 Park Avenue South, the 20-story hotel first opened its doors in 2000. Ornamented with the token "W Union Square" rooftop sign, the property first debuted in 1911 and till this day features historic Beaux-Arts architecture. The renovation plans for a new aesthetic while preserving the bones of the building, creating a spa and an expanded restaurant on stretching along the bustling street corners.
"There's no better place than New York City to reveal to the world the future of our W Hotels brand," said Arne Sorenson, president and CEO, Marriott International, in a prepared statement. "When W was launched as a single hotel in New York 21 years ago with ground-breaking design and a bold approach to nightlife, it pushed the boundaries of how people thought about a hotel. Given how much travelers crave these types of experiences today […] we see limitless potential for the W brand."
Marriott International's asset-light strategy will only allow for a shot-term hold of the W New York in Union Square, who will sell the property post-renovation, subject to a long-term management agreement.
As of June, Marriott International had 56 open W hotels in 26 countries and territories, with another 32 signed W hotel projects in the pipeline, including a brand debut in eight countries.
W owners have already committed to $200 million worth of renovations on properties across the U.S. and Canada, such as the recent top-to-bottom renovation of W Washington D.C. as part of its North America rebrand plan. The W hotels also include the recent opening of W Aspen – the brand's first alpine destination in the United States, and the 2020 debuts of W hotels in Philadelphia and Toronto.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
