Products You May Like
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.