Qatari hotelier to undertake $250m overhaul of Times Square hotel

Qatar’s Al Rayyan Tourism and Investment Company (ARTIC) announced that The Manhattan at Times Square Hotel in New York City will soon be rebranded as a W hotel.

ARTIC, the international hospitality subsidiary of Al Faisal Holding Company in Qatar, acquired the hotel in 2014 and has signed an agreement with Starwood Hotels & Resorts to undertake a $250 million rebranding and renovation of the property.

The renovation and conversion programme to transform the property in a W hotel is expected to be completed by the end of 2017.

Built in 1962, the hotel is located at the heart of Midtown and combines the age-old glamour of New York and classic art deco detailing in the coveted Times Square location. The 22-storey property currently features 689 rooms and suites, commercial space and is located in close proximity to New York’s city landmarks. The hotel covers an entire block of 44,100 square metres.

HE Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, commented: “ARTIC’s renovation and rebranding of this prime New York hotel under the iconic W brand is in line with our strategy of adding value to high quality assets in premium locations. We have developed a strong relationship with Starwood Hotels & Resorts in recent years and I am pleased to announce this latest agreement which further extends our collaboration with them.

“The US is a key market for us and I am confident that we will invest in more hotels there as we further enhance ARTIC’s portfolio of premium hotels and move towards a flotation of the company on one of the international stock exchanges.”

Tarek M. El Sayed, executive board member, added: “When we acquired The Manhattan at Times Square Hotel last year we said that we were planning a major renovation and for the hotel to be managed by a leading international hotel company.

“Today’s announcement marks the next stage in that process and it also reflects our commitment to increase the value of our assets. We look forward to further enhancing our US presence as more opportunities arise.”

In a deal that involved the two parties, Starwood sold their Miami hotel to Qatar’s ARTIC, in early 2014 for $213 million, and bought out a five-star hotel in Rome in 2014. Arabian Business