Hyatt Reported To Be Expanding In New York

NEW YORK— Global Hyatt Corp. reportedly is acquiring a midtown office building that was in the process of being converted to residential condominiums with plans to make it a hotel. Hyatt acquired the project from Belfonti Capital Partners and the Carlyle Group for $136 million. The building, located on Fifth Avenue across from the New York Public Library, formerly housed the offices of clothing manufacturer Tommy Hilfiger. Belfonti and Carlyle had already taken deposits on a number of the condo units. Those deposits will now be returned. Hyatt didnt comment on its plans but, industry observers speculate it plans to open a Park Hyatt at the site. Hyatt had operated a Park Hyatt in New York at the Stanhope on the Upper East Side, but that property closed in 2004, when the buildings owners began a residential condo conversion. The Fifth Avenue site is a few blocks from the Grand Hyatt New York.