Moinian Selects Starwood to Operate W New York-Downtown Hotel & Residences

W Hotels' Sixth Property in Manhattan

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. October 14, 2008

WHITE PLAINS, NY, March 28, 2007. Starwood Hotels & Resorts Worldwide Inc. (NYSE:HOT) announces the continued expansion of W Hotels with an agreement with New York-based real estate developer Moinian Group to operate the W New York-Downtown Hotel & Residences, a new luxury property in downtown Manhattan, featuring 217 guest rooms and 222 residential units. Located at 123 Washington Street, just one block from the site of the new Freedom Tower, the W New York-Downtown Hotel & Residences will mark the W brand's arrival in New York City's recently revitalized downtown area. The newly constructed building is anticipated to open in 2008, with residential sales expected to begin in mid-2007.

This 53-story luxury hotel/residential condominium project in the heart of Lower Manhattan is set for completion in late 2008. One block south of the World Trade Center site, it will cost approximately $240 million and contain about 220 hotel rooms and 180 condominium units. Designed by Gwathmey Siegel & Associates, the 440,000-square-foot hotel and Condominium will help re-establish the vibrant and diverse community downtown. Along with hotel amenities, the condominiums will uphold Moinian's high standard for quality. Tourists and business people in the adjacent financial district will find refreshment in the building's outdoor caf'e, signature restaurant and sky lobby lounge/caf'e, overlooking Memorial Plaza. These venues all support New York City Planning Commission initiatives to increase public amenities.

The tower's height, distinctive proportion and refined facade design will enhance the skyline and rise simultaneously with the demolition of the Deutsche Bank Building; it will anchor the southern side of the memorial site and symbolize a positive response to the renewal process.

The W New York-Downtown Hotel & Residences is poised to serve the growing number of visitors and residents in lower Manhattan as it continues to transform itself into a premier 21st century business district and a vibrant residential community. Lower Manhattan is now the fastest growing residential market in the city, dedicating resources to improving its waterfront spaces, parks, schools, and cultural institutions, fostering the development of a more pedestrian-friendly environment.

As the first globally branded luxury hotel and residences project of its size and scale in downtown New York, the W New York-Downtown Hotel & Residences is the first W residential development in Manhattan. Adding breadth to the W brand's New York City based portfolio, this new property joins five other W hotels in the Big Apple and further strengthens Starwood's position as the largest hotel operator in New York City with twelve renowned hotels in Manhattan.

"W is deeply connected to Manhattan and we're proud to be a part of this important project to revitalize this part of the City," said Ross Klein, President of Starwood's Luxury Brands Group. "W New York-Downtown will create a destination inside a destination, adding substance, style and luxury to Manhattan's most anticipated new development."

The 57-story building will offer all of the W signature comforts, including its Living Room experience where guests can socialize while sipping cocktails, and the Whatever/Whenever(R) 24-hour concierge service that can provide whatever guests want (from a bed covered in rose petals to private jet service) whenever they want it. Offering the ultimate urban lifestyle, residences will feature spectacular views of the city as well as state-of-the-art kitchen appliances and a sophisticated telecommunications infrastructure. Residents will enjoy all the services and amenities available to hotel guests, in addition to exclusive access to a residence-only lounge area, rooftop terrace with cabanas, and private spa treatment rooms. Both the hotel and residences will have dedicated full-service fitness centers.

Moinian Group, one of the nation's top real estate developers, is the owner and developer of the project and Gwathmey Siegel & Associates Architects has been named design architect for the building. SHVO Marketing is handling exclusive marketing and sales for the property and will open the W New York-Downtown Residences Welcome Center by mid-2007 at 90 West Street, directly opposite the building's construction site.

"This project will be a premier destination in downtown Manhattan because it brings both new visitors to the city and new residents to the neighborhood," said Joseph Moinian, President & CEO of Moinian Group. "The W Hotels brand, and its sophisticated, well-traveled and savvy clientele, will help shape the cultural landscape of the area, making downtown New York City an even more desirable destination."

Michael Shvo, President of SHVO Marketing, agrees. "This property offers an exceptional opportunity to live downtown," said Mr. Shvo.

"Few brands can match the lifestyle appeal of W Hotels, which immediately conveys a strong contemporary style and elevated taste-level to the buyer. As big believers in downtown New York City, we're thrilled to be part of this project, and will create a dynamic, interactive sales experience for the W brand that will make buying at the W New York-Downtown Hotel & Residences a very easy decision."