GROUND-UP HOTEL DEVELOPMENT
PARTNERS: The Buccini/Pollin Group and AIG (NYSE: AIG)
LENDER: Bank of the Ozarks (NYSE: OZRK)
PROJECT: 38-story, 310-room hotel; cafe and roof deck
HOTEL FLAG: Embassy Suites by Hilton (NYSE: HLT)
Hidrock Properties purchased the assemblage of adjoining properties and development rights on 37th Street between Fifth and Sixth Avenues in the 4th quarter of 2012. At the time, the Property contained a 2-story parking garage and a 5-story mixed-use building.
Plans for the property include a 38-story hotel with one basement level back-of-the-house area and a 4th floor amenity space. The hotel entrance will be on the 37th Street side, as will hotel loading and a hotel lobby bar. The hotel's north side facade is inspired by the Garment District and will replicate woven fabric utilizing a combination of colored spandrel glass and metal. In addition to guest rooms, the 3rd floor will include a café and outdoor space. There will also be a 2-story parking garage.
The property is in an ideal location for the development of a hotel to meet the increasing demand from business and leisure travelers to New York City, and is within a short walk of numerous landmarks and tourist destinations including Macy's Herald Square, the Empire State Building, Times Square, Madison Square Garden, Penn Station and the Broadway Theater District.
Hidrock and The Buccini/Pollin Group are co-developing the property, and have retained Peter Poon Architects to design the hotel. The hotel is projected to open in 2016.