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Marriott holds triple ribbon-cutting in NY.

J.W. Marriott, Jr., chairman and CEO of Marriott International, Inc. (MAR/NYSE) will preside over a triple ribbon cutting ceremony to commemorate the grand openings of three new hotels in New York City on Wednesday, November 18th. Mayor Rudolph W. Giuliani and other New York City dignitaries are also expected to participate.

With the official introduction of these properties - two Courtyard by Marriotts and the upscale Marriott Brooklyn - Marriott adds nearly 1,000 guest rooms and the first Manhattan Courtyards to the nation's hottest hotel market.

The progressive ribbon cutting ceremony begins at 11:30 a.m. at the Courtyard by Marriott Times square South, then continues at 1 p.m. at the Courtyard by Marriott Midtown East, and concludes at 3 p.m. at the New York Marriott Brooklyn.

The opening of the two Courtyards signal the entrance into Manhattan of Marriott's leading hotel brand designed to meet the needs of business travelers. The 244-room Courtyard by Marriott Times square South, located at 114 West 40th Street, is the first new hotel to be built in the Garment District since 1970. The 308-room Courtyard by Marriott Midtown East, located at 866 Third Avenue, is a conversion of the former Macmillan Publishing Company.

The New York Marriott Brooklyn, the first new hotel construction in New York City's most populous borough in nearly 70 years, is located at 333 Adams Street. Since opening for business on July 7, this 376-room upscale hotel has enjoyed such success that owners and executives have already entered the design stages of a 200-room expansion. Construction of an annex tower, which will be connected to the main hotel via enclosed pedestrian bridge, is expected to begin next year.

"We've always been bullish on New York," said Marriott International Vice President of Lodging Jurgen Giesbert. "When the New York Marriott Marquis opened in 1985, it was the first premier hotel in Times square, and one of the first corporations to move into the area. Now look at Times square. Marriott's continued New York City expansion, marked by the grand openings of these three hotels this week, is a reflection of our ongoing enthusiasm about the future of New York City."

"Courtyard's Manhattan debut brings another lodging option to business travelers in one of the country's most important urban markets," said Craig Lambert, brand vice president for Courtyard by Marriott. "Courtyard has earned accolades for its consistently superior accommodations and the value it represents. The highly desirable locations of these properties, along with Courtyard's tried-and-true reputation, will enhance Marriott's portfolio in New York City."

"New York City is enjoying tremendous interest from potential travelers around the world as the news spreads of our cultural and economic renaissance, and our cleaner, safer streets," said Fran Reiter, president and CEO of the New York Convention & Visitors Bureau. "We need to accommodate this demand with more hotel rooms, as well as meeting and convention space, and so we are very pleased to welcome these three new Marriotts to the New York City hotel landscape."

The 10 New York City Marriott hotels offer 5,848 guest rooms, 222,364 square feet of meeting and exhibit space, nine ballrooms (including New York City's second and fourth largest), and 21 restaurants and lounges. In 1997, the New York City Marriott hotels enjoyed an average occupancy of over 87 percent. This surpassed New York City's average hotel occupancy of 82 percent.

"In this city that is the capital of the world, Marriott has grown to become the market leader with more than 5,800 rooms by year-end 1998," said Bjorn Hanson, Ph.D., a New York-based global partner in the PricewaterhouseCoopers hospitality and leisure group. "That is an impressive record any lodging company would be proud to match."

Marriott's 10 New York City hotels include: New York Marriott Marquis, Renaissance New York Hotel, Courtyard by Marriott Times square South, New York Marriott East Side, Courtyard by Marriott Midtown East, New York Marriott World Trade Center, New York Marriott Financial Center, New York Marriott Brooklyn, LaGuardia Marriott, and Courtyard by Marriott LaGuardia.

The introduction of the three New York City hotels is in keeping with Marriott International's multi-tiered global expansion plan.
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Title Annotation:Marriott International Inc. launches three new hotels in New York, New York
Publication:Real Estate Weekly
Article Type:Statistical Data Included
Geographic Code:1U2NY
Date:Nov 18, 1998
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