Marriott International, Inc. has purchased the 270-room W New York – Union Square in the heart of Manhattan’s Union Square neighborhood. The company paid $206 million for W New York – Union Square, with plans for a significant renovation. Marriott International will transform the existing hotel into a W Hotels showcase, advancing the company’s strategy to redefine and reinvigorate the brand in North America.
“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, president and CEO, Marriott International.
Located at 201 Park Avenue South, the 20-story hotel features historic Beaux Arts architecture and panoramic views of Union Square’s pedestrian plaza and park. The property first opened its doors in 1911 as the headquarters of the Guardian Life Insurance Company of America, and in 2000 opened as W New York – Union Square, becoming an anchor for locals and out-of-town guests alike. The renovation seeks to unlock the property’s untapped potential with plans for a signature, spa, and an expanded restaurant.
The purchase and renovation of W New York – Union Square is part of a comprehensive plan by Marriott International to reinvigorate the W portfolio in North America. The plan also includes the recent opening of W Aspen – the brand’s first alpine destination in the United States, and the anticipated 2020 debuts of W hotels in Philadelphia and Toronto.
Additionally, W owners in North America have already committed to $200 million worth of renovations on properties across the United States and Canada, such as the recent top-to-bottom renovation of W Washington D.C. As of June, Marriott International had 56 open W hotels worldwide in 26 countries and territories, with another 32 signed W hotel projects in the pipeline with the brand debuting in eight additional countries. In keeping with Marriott International’s asset-light strategy, the company over time expects to market W New York – Union Square for sale subject to a long-term management agreement.
