Westin selected to operate new Tishman hotel in Times Square

Real Estate Weekly, Dec 23, 1998

Westin Hotels & Resorts, one of the world's most prestigious hospitality companies, has been selected as the operator of the new, full-service, 860-room luxury hotel being developed and built, and owned, by affiliates of Tishman Realty & Construction Co., Inc. in Manhattan's Times square.

The announcement was made at the Global Conference of Starwood Hotels & Resorts Worldwide, Inc., which owns Westin Hotels & Resorts.

The 45-story, 667,000-square foot, $300-million hotel will be called The Westin New York at Times square and will be located adjacent to E Walk, the new, 200,000-square foot entertainment/retail/restaurant complex, already under construction and opening in Spring, 1999. E Walk is also being developed and built, and is owned, by affiliates of Tishman. Via internal access, hotel guests will be able to visit 13 Sony/Loews movie theaters, plus a variety of unique shops, entertainment venues, and dining experiences all located inside E Walk.

The hotel and entertainment/retail complex, totaling 867,000 square feet, is part of the publicly sponsored "42nd Street Development Project" - the largest ever jointly undertaken by New York State and New York City. The master plan comprises 13 acres along both sides of 42nd Street between Broadway and Eighth Avenue.

In May, 1995, an affiliate of Tishman was named developer of the site by the State and City. Under the agreement, the Tishman affiliate is leasing the land from the State of New York for 99 years.

World-Renowned Hotel Brand Comes to Times square

"This is another major step in the ongoing revitalization of Times square. From global corporate headquarters to major retail and entertainment options, Times square has something for everyone," said New York City Mayor Rudolph W. Giuliani. "And now, with this world-class hotel, people can stay right on 42nd Street and enjoy it all. On behalf of New York City, I congratulate Tishman Realty and Westin Hotels & Resorts for further solidifying the western anchor of 42nd Street with this hotel project."

Charles A. Gargano, chairman of the Empire State Development Corporation, said "Governor Pataki and all of us who represent the State of New York are exceedingly pleased that a hotel operator of the quality, caliber and world-renowned reputation of Westin has been selected by Tishman to operate this landmark hotel. This decision further reinforces our confidence in the already spectacular return of 42nd Street and Times square as the epicenter of tourism, media, and commerce in the World."

John A. Vickers, chairman and CEO of Tishman Realty Corporation, added: "We are delighted to have Westin Hotels & Resorts team up with Tishman to bring their worldwide marketing and sales strength to our property in Times square. This magnificent hotel will offer the location, amenities, and services that appeal to the highest level of all segments in the leisure, convention, and business markets."

Juergen Bartels, CEO of the Hotel Group of Starwood Hotels & Resorts Worldwide, Inc., said "We're extremely proud to partner with Tishman on The Westin New York at Times square. Tishman's proven commitment to developing superb, high-quality hotels in prime locations, combined with Westin's brand integrity and expertise in operating up-scale hotels, will position this property as a flagship hotel, not only in Times square, but in New York City as well."

Dramatic Landmark Addition to New York's Skyline

Perhaps what will become New York's most unique architectural statement, The Westin New York at Times square is designed as two 45-story prisms - separated by a curving beam of light - soaring into the Manhattan skyline. Designed by the avantgarde Miami architectural firm, Arquitectonica, the tower will stand as the most dramatic icon marking the entrance to the Times square district from the West. The property is located in the heart of the Theater District and within blocks of the Jacob Javits Convention Center and the Fashion District.

Of the hotel's 860 rooms, more than 200 will be special-service accommodations, including concierge-level and enhanced business traveler rooms. In addition, The Westin New York will offer 38 suites and 26,000 square feet of meeting and function space, and will feature a Business Center and Fitness Center and Spa, among many other amenities. Opening is projected for Spring, 2002.

A Long-Standing Collaboration

Tishman, Westin, and Sheraton Hotels & Resorts (also owned by Starwood) have a long-standing relationshipon several awardwinning properties in the U.S. and Caribbean. A Tishman affiliate owns the popular 1,200-room Sheraton Chicago Hotel & Towers, which has the largest ballroom in the Midwest. Tishman affiliates and partners also own the 600-room Westin Rio Mar Beach Resort & Casino on the Atlantic Ocean in Puerto Rico, and the famed 1,500room Wait Disney World Dolphin, operated by Sheraton, as well as the gracious 760room Walt Disney World Swan, operated by Westin, in the heart of the Wait Disney World Resort complex.