Starwood Hotels & Resorts launches redevelopment plan for Sheraton Manhattan
March 05, 2010 - Owners Developers & Managers
As the hotel is redeveloped, Starwood will remove the Sheraton flag and operate the hotel as a non-branded Starwood property beginning in April. The hotel will remain open as the company finalizes redevelopment plans, and will continue to be a member of the Starwood Preferred Guest loyalty program.
The redevelopment of the Sheraton Manhattan is illustrative of Starwood's growth plans in NYC. Starwood has more hotels in NYC than anywhere in the world and currently operates 13 hotels here with plans to open six more in 2010, including two new high-profile Sheraton properties in Brooklyn and Tribeca, the W New York Downtown and the Four Points by Sheraton Long Island City. In addition, the global hotel giant will debut its two newest brands in the Big Apple with the openings of Aloft New York Brooklyn and Element New York Times Square West, bringing its total number of NYC properties to 19. In addition, the Sheraton New York Hotel & Towers, the Sheraton brand's flagship New York property, will launch a $90 million renovation later this year.
"Starwood is committed to maximizing the value of its owned assets around the world. The Sheraton Manhattan occupies a highly sought after piece of real estate in a prime location, and we're excited about the prospect of redeveloping it into a flagship Starwood hotel," said Simon Turner, president of global development for Starwood.
Beyond New York City, Starwood expects to open 80-100 high quality new-build and conversion hotels in 2010, coming off of the 83 opened and 77 new deals signed in 2009.