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Starwood Hotels & Resorts Exploring Redevelopment Plan for the Sheraton Manhattan at Times Square

BUSINESS WIRE
Starwood Hotels & Resorts Exploring Redevelopment Plan for the Sheraton Manhattan at Times Square - US - Manhattan - New York - hotels - Starwood Hotels


WHITE PLAINS, N.Y., Feb 04, 2010 (BUSINESS WIRE) -- --Starwood Also Plans to Open Six Hotels in New York City in 2010 and launch a $90 Million Renovation of the Sheraton New York Hotel & Towers



Starwood Hotels & Resorts Worldwide, Inc. (HOT 35.28-0.16-0.45%) announced today a redevelopment plan for the 665-room Sheraton Manhattan at Times Square in New York City. The company is exploring a variety of options to maximize the long-term value of this significant asset which occupies 395,000 square feet of real estate, covering a full city block, bounded by Broadway, Seventh Avenue and 51st and 52nd Street near Times Square. The redevelopment plans will include a hotel flying one of Starwood's brand flags, in possible combination with retail and office uses. Given the hotel's incomparable footprint, Starwood has received considerable interest from investors and developers to partner on the project and the company has assembled a project team to assist in evaluating a full range of options and partners over the coming months.

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