Renovation and Rebranding Announced for Holiday Inn New York City Midtown
- Feb 08, 2014
The existing Holiday Inn hotel located at 30-32 West 31stStreet in New York City’s Midtown District is set to be converted into a new Hyatt-branded hotel, as Chesapeake Lodging Trust appointed a Hyatt affiliate to oversee the $6 million renovation and rebranding process.
“We are very pleased to expand our relationship with Hyatt, by way of up-branding the hotel to the upper-upscale market position in the vibrant midtown area of Manhattan. Hyatt Herald Square will mark our sixth Hyatt property in our growing portfolio of high-quality assets throughout the key markets of North America,” said James L. Francis, Chesapeake Lodging Trust’s president and chief executive officer, in a press statement.
The renovation project is expected to begin in August and be completed by the end of September 2014, during which time the hotel operations will be closed. Paul Vega, founder of VLDG designs of New York, was tapped to develop the redesign of the 20-story building which will use the hotel’s surrounding Herald Square area and the nearby Fashion District as sources of inspiration.
According to a press release from Chesapeake Lodging Trust, a self-advised real estate investment trust focused on investments in upper-scale hotels in key markets across the United States, the reconversion plans include a complex renovation to each of the hotel’s 122 guestrooms, as well as a renovated and upgraded lobby and social spaces on the first floor.
According to Hotel Management, the 60,270-square-foot structure was completed in 2011 by Heena Hotel LLC which later that year sold it to Annapolis, MD-based Chesapeake Lodging Trust for a reported $52.2 million, or roughly $428,000 per room.
Image via Intercontinental Hotels Group