The iconic Manhattan at Times Square Hotel was built in 1962, and is undergoing a massive overhaul that will see it branded under the W Hotels brand by Starwood.
Qatar's Al Rayyan Tourism and Investment Company (ARTIC) announced that The Manhattan at Times Square Hotel in New York will soon be rebranded as a W hotel.
ARTIC is the international hospitality subsidiary of Al Faisal Holding Company in Qatar, who had acquired the hotel back in 2014 and had kept the wraps on its new operators and brand.
ARTIC has signed an MoU with Starwood Hotels & Resorts, which will see Starwood take over the management of The Manhattan at Times Square Hotel. Under the MoU, ARTIC is fully renovating the Hotel, complying with Starwood’s specifications for the W brand. The renovation and conversion programme is expected to be completed by the end of 2017 driven by an investment of US $ 250 million.
Built in 1962, the hotel is located at the heart of Mid-Town and combines the age-old glamour of New York and classic Art Deco detailing in the coveted Times Square location. The 22-storey property currently features 689 rooms and suites, commercial space and is located in close proximity near New York’s landmarks. The Hotel covers an entire block of 44,100sqm.
H.E. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, commented: “ARTIC’s renovation and rebranding of this prime New York hotel under the iconic W brand is in line with our strategy of adding value to high quality assets in premium locations. We have developed a strong relationship with Starwood Hotels & Resorts in recent years and I am pleased to announce this latest agreement which further extends our collaboration with them.
"The US is a key market for us and I am confident that we will invest in more hotels there as we further enhance ARTIC’s portfolio of premium hotels and move towards a flotation of the Company on one of the international stock exchanges.”
Tarek M. El Sayed, executive board member, said: “When we acquired The Manhattan at Times Square Hotel last year we said that we were planning a major renovation and for the Hotel to be managed by a leading international hotel company.
"Today’s announcement marks the next stage in that process and it also reflects our commitment to increase the value of our assets. We look forward to further enhancing our US presence as more opportunities arise.”
In a deal that involved the two parties, Starwood sold their Miami hotel to Qatar's ARTIC, in early 2014 for US $213 million. Also, they bought out a five-star hotel in Rome in 2014.
| Advertisement |
Search our database of more than 2,700 industry companies
