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Starwood Hotels & Resorts launches redevelopment plan for Sheraton Manhattan

NY REJ
Sheraton Manhattan at Times Square

Sheraton Manhattan at Times Square


New York, NY Starwood Hotels & Resorts Worldwide, Inc. launched a redevelopment plan for the 665-room Sheraton Manhattan at Times Square.



The company is exploring a variety of options to maximize the long-term value of this significant asset which occupies 395,000 s/f of real estate, covering a full city block, bounded by Broadway, Seventh Ave. and 51st and 52nd St. 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.

As the hotel is redeveloped, Starwood will remove the Sheraton flag and operate the hotel as a non-branded Starwood property beginning in April. The hotel will remain open as the company finalizes redevelopment plans, and will continue to be a member of the Starwood Preferred Guest loyalty program.


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