DOHA, QATAR—Al Rayyan Tourism and Investment Company (ARTIC), the international holding subsidiary of Al Faisal Holding Company, has revealed that The Manhattan at Times Square Hotel will be converted to a W Hotel.
ARTIC, which acquired the property in 2014, has signed a memo of understanding with Starwood Hotels & Resorts, which will take over management of the hotel. As part of the proposed deal, ARTIC is fully renovating the hotel by the end of 2017 with an investment of $250 million.
According to H.E. Sheikh Faisal Bin Qassim Al Thani, chairman of ARTIC, “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.”