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Bryant Park gets new $150m hotel.

Two major hotel developments are bringing new buzz to the Times Square redevelopment.

On Monday, it was announced that the Hard Rock Hotel chain had paid $125 million to buy the Paramount Hotel in Times Square from impresario, Ian Schrager.

And yesterday Mayor Michael Bloomberg joined G. Holdings Corporation Chairman and CEO Harry Gross, John W. Marriott, III, Executive Vice President for Lodging of Marriott International, Inc., and NYC & Company President Cristyne Nicholas announced the start of construction of Bryant Park Tower, a 43-story building which will house New York City's first Marriott Residence Inn, with 357 suites, at Avenue of the Americas and West 39th Street.

The $150 million project will also includes 96 studio and one-bedroom rental apartments and 8,500 s/f of street-level retail space.

"These are two more example of how the Times Square redevelopment is continuing to evolove into something positive for New York City. It's positive growth," said Nicholas.

Gross added, "With great partners such as Mayor Bloomberg and Marriott International, our family will continue to invest in New York City, the Capital of the World.

"The Marriott Residence Inn suites, drawing Artist's imon the energy pression of the and excitement new Marriot that flows from Bryant Park, Herald Square and Times Square, will provide affordable accommodations for families and business travelers visiting New York.

"The rental apartments at Bryant Park Tower also will be an exciting place to live, with great views of Midtown Manhattan."

Gross expects to have the project complete by the end of 2005.

Residence Inn by Marriott, North America's leading extended-stay brand, allows guests on long-term trips to maintain a balance between work and life while away from home. Spacious suites with full kitchens and separate areas for sleeping, working, relaxing and eating offer homelike comfort and functionality.

The Residence Inn entrance will be at the corner of Avenue of the Americas and West 39th Street. The retail spaces on the Avenue will house approximately 8,500 square feet of prime retail space.

The second floor will house a public garage, with the hotel's restaurant, bar, meeting rooms and ballroom on the third floor. The hotel will occupy 30 floors, topped by 10 floors of rental units.

The residential apartments will have a doorman as part of a separate residential staff and a separate lobby with entrance on West 39th Street serviced by its own elevator bank. The high end finishes of the apartments will include wood floors, marble countertops and stainless steel appliances

G. Holdings has developed and owns three additional Marriott hotels. In Manhattan, the New York Courtyard by Marriott--Times Square South, located diagonally across West 39th Street; in Queens the New York Courtyard by Marriott--JFK Airport and in Philadelphia, the Marriott Residence Inn--Center City Philadelphia.

Nobutaka Ashihara Associates is the architect for the project.

The Cantor/Seinuk Group. Inc. is performing the structural engineering work, with mechanical engineering by Cosentini Associates and Interior Design is by Alexandra Champalimaud & Associates, Inc.

The project will be constructed by Bovis Lend Lease as general contractor and the Owner's Representative is CNY Builders LLC.

The retail space will be leased by broker, Jones P. Day Realty. The hotel will be managed by Interstate Hotels and Resorts of Arlington, Virginia. Financing for the project is provided by Corus Bank and iStar Financial Inc.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Apr 14, 2004
Words:553
Previous Article:Things can only get better.
Next Article:Hard Rock's $125m deal.
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