Hyatt Spending Record $1.8 Million Per Room on Hotel

Hyatt will be spending a record $1.8 million per room on the brand's first Park Hyatt hotel in Manhattan. The new hotel will become the U.S. flagship of the Hyatt luxury brand, and the most expensive hotel ever built in New York.

In a press release sent out yesterday, Hyatt announced Pritzker Prize-winning architect Christian de Portzamparc designed the hotel. The 90-story tower will also feature 135 residential units with views of Central park and the New York skyline. There will also be a bar, restaurant, grand ballroom, spa, fitness center, indoor swimming pool, and three-story aerie at the top of the hotel.

"The world-class hotel will reflect Park Hyatt's intimate and understated elegance with interiors designed by the design firm Yabu Pushelberg," said Hyatt in the press release.

Crain's New York Business reported the 210-room hotel is going to cost Hyatt a total of $375 million. The new property is being developed across from Carnegie Hall at 157 W. 57th Street with plans to open in 2012.

The hotel will be the first newly built five-star hotel in the city since the Mandarin Oriental opened in the Time Warner Center in 2003.

According to Crain's, during a meeting with Wall Street analysts Wednesday morning Hyatt Chief Executive Mark Hoplamazian said the company's "presence in New York City is being transformed [over this year and next]." Hoplamazian also pointed out the Chicago-based company had just one hotel in New York, the Grand Hyatt on East 42nd Street, for many years.

Currently, Hyatt has two other high-end hotels in Manhattan under the Andaz chain. Crain's reported that separately, Hoplamazian stated Hyatt's Andaz 5th Avenue hotel was a $1.6 million-per-room-key investment. The hotel is located across the street from the New York Public Library.

Photo by laverrue on flickr.

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