Marriott to Bring Ritz-Carlton to Manhattan’s NoMad Neighborhood
Date: July 2018
Location: NoMad neighbourhood (Broadway & 28th), Manhattan, New York, USA
Name: Ritz-Carlton New York, NoMad – opening 2021
Photo credit: Pixabay/Pexels
No. of Keys: 250 and 16 residences
Seller:
Buyer: Marriott International signed an agreement with developer Flag Luxury Group to develop the $500 million hotel. Flag, started in 1997 and run by Dayssi and Paul Kanavos, owns four Ritz-Carlton hotels in Florida.
Located just north of Madison Square Park, the hotel will be situated in the heart of the district, known as a hub for creative and tech firms, restaurants, and nightlife venues.
Thanks to buzzing restaurants and bars, unique retail and notable architecture, NoMad has become one of Manhattan’s most popular neighbourhoods,” said Tony Capuano, Executive Vice President and Global Chief Development Officer, Marriott International.
Once the location of some of the first luxury hotels in New York, this neighbourhood was the meeting place for the Gilded Age elite and, later, for music publishers and songwriters.
NoMad later became known as Tin Pan Alley, source of the famed music from The Wizard of Oz. In 1913, the neighbourhood was home to the infamous 69th Regiment Armory Art Show that introduced modern art to the American public, forever changing the American art scene.
The tower, to stand over 500 feet tall, is to be designed by award winning Uruguayan-born architect Rafael Vinoly.
It will also offer a fine-dining restaurant, Ritz-Carlton spa and fitness centre, the brand’s signature Club Lounge, and a rooftop bar. A large public garden and open terraces will feature greenery and trees, and two ballrooms will offer groups an attractive setting for corporate and social gatherings.
Price: US$500m
Price per Key: US$2m (excluding the residences, so say US$1.6m)
THPT Comment: Joining luxury boutique hotels such as the James New York and the Ace Hotel, the Ritz-Carlton makes this part of the city, a small enclave of luxury hotels.
First Seen: Travel Market Report