Value conscious travelers seeking cheap vacation packages or discount hotel rooms will probably not be staying at Hyatts first luxury Park Hyatt hotel in Manhattan. Hyatt is planning to spend $1.8 million per room on its flagship Park Hyatt hotel in New York City.
This will be Manhattans first newly built five star hotel since 2003. The hotel will have 210 rooms and is expected to open in 2012.
Hyatts CEO pointed out that Hyatts presence in New York City is being transformed over the next two years, noting that the Chicago based chain had just one hotel in Manhattan, the Grand Hyatt on East 42nd Street, at the start of this year.
By the end of this year Hyatt will have six hotels. As part of Hyatts newer Andaz chain, Hyatt now has two other high end hotels in Manhattan.
Hyatt declared in January that its goal was to bolster its presence in key cities led by New York. Hyatts new Manhattan Park Hyatt hotel will be a milestone for the Hyatt brand development both in its placement in a key market and global visibility.
The last newly built five star hotel in New York City was the Mandarin Oriental which opened in the Time Warner Center in 2003. Only about $1.2 million was spent per room in building this hotel.
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