News:
Owners Developers & Managers
Posted: July 3, 2018
Barone Management tops out CR7 by Pestana Hotel in Times Square
Scott Barone, founder and president, Barone Management;
Chris Karalis, executive VP of construction, Barone Management.
Manhattan, NY According to Barone Management’s founder and president Scott Barone, his company has topped out its eighth NYC hotel development. The firm is the developer and ground lessor of the property located at 338 West 39th St. in Times Sq. West where Barone is building a 177-room CR7 by Pestana Hotel for Portuguese-based Pestana Group. This site will be the second of many hotels planned in the U.S. and will serve as the hotel group’s U.S. flagship.
“We’re excited to bring the Pestana brand and all of its exceptional attributes to NYC,” said Barone. “We pride ourselves on being able to connect high-profile operators with great assets. 338 West 39th St. offers Pestana the ideal location to launch its unique product and also serve as the hotel operator’s U.S. flagship.”
The CR7 by Pestana lifestyle hotel brand is a partnership between Pestana Hotel Group and soccer icon Cristiano Ronaldo. The 78,069 s/f Times Sq. West location will feature 177 guestrooms (six of which have a private terrace), a breakfast area, fitness center, multiple meeting rooms and a double height lobby.
CR7 by Pestana is the newest addition to Barone Management’s expanding hotel portfolio. The firm recently developed and sold the 328-room Arlo SoHo at 231 Hudson St. in SoHo and the 202-room IHG Even Hotel at 40 Nevins St. in Brooklyn. It currently owns the 227-room Marriott Fairfield Inn & Suites at 538 West 58th St. in Midtown Manhattan as well as the Wyndham Garden LaGuardia property at 61-18 93rd St. in Queens. A 96-room hotel at 456 Greenwich St. in TriBeCa is also under development.
Pestana Hotels and Resorts is a premier European brand that has expanded globally and currently owns and operates over 90 hotels throughout Europe and the Americas, with presences in major cities throughout the world, such as London, Barcelona, Berlin and Rio De Janiero.
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