GROUND-UP HOTEL DEVELOPMENT
SOLD: 2016, $206,195,000
PARTNERS: Robert Finvarb Companies and Private Investors
LENDER: HSBC (NYSE: HBC)
PROJECT: 31-story, 317-room hotel; rooftop bar
HOTEL FLAG: Courtyard by Marriott (NYSE: MAR)
Hidrock Properties purchased the property located at 133 Greenwich Street in March 2012. The Property was a vacant, unimproved corner at the World Trade Center redevelopment site and across the street from the National September 11 Memorial and Museum. Due to the potential of the noteworthy location, Hidrock pursued a hotel development with Marriott (NYSE: MAR). In addition to its proximity to the Memorial site, the hotel will also be conveniently located just blocks from both the new Santiago Calatrava-designed World Trade Center Transportation Hub and the Fulton Street Transit Center. The property’s size and location, as well as the growing demand from business and leisure travelers, make it one of the most compelling hotel development sites in Manhattan.
Hidrock and Robert Finvarb Companies co-developed the property, and retained Peter Poon Architects to design the hotel. Danny Forster, an architect and host of the Science Channel’s “Build it Bigger,” was a design architect on the project. The hotel is 30 stories with 317 guest rooms in addition to a ground floor retail space and a rooftop lounge. The hotel opened in the fourth quarter of 2016.