October 18, 2019
Marriott International acquired the W New York – Union Square at 201 Park Ave. South, with plans to transform it into a showcase for brand upgrades. The global lodging giant paid $206 million for the 270-key property, a little more than a year after Westbrook Partners acquired it from Host Hotel & Resorts for a reported $165 million.
“There’s no better place than New York City to reveal to the world the future of our W Hotels brand, so we’re tremendously excited about this acquisition and the unique opportunity that it presents for our reinvention strategy,” said Arne Sorenson, Marriott’s president and CEO. He cited “limitless potential” for the reinvented brand with owners, developers, travelers and locals.
The Union Square property won’t stay under Marriott ownership indefinitely, though. In keeping with Marriott’s asset-light strategy, the company over time expects to put it up for sale subject to a long-term management agreement.
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