NEW YORK— Construction has begun on a new 357-suite Residence Inn by Marriott to be located in the Times Square area at Avenue of the Americas and West 39th Street here. The hotel is part of a mixed-use structure called Bryant Park Tower, and will mark the entrance of the Residence brand into New York City. G. Holdings Corp. is developing the $150 million, hotel/residential/ retail project. The Residence Inn, a franchise, will be housed on the first 30 floors of the building, and will be operated by Interstate Hotel & Resorts. The hotel is slated for completion in November 2005. In addition to housing New York City’s first Marriott Residence Inn, the $150 million project will also include new residential and commercial space. The 43-story building will feature 96 studio and one-bedroom rental apartments; street-level retail spaces totaling approximately 8,500 square feet; third-floor meeting/function space and a bar overlooking Bryant Park; and on-site valet parking. “Most importantly, the Bryant Park Tower project will mean new jobs for New Yorkers – 400 jobs during construction and when it is finished, the hotel, shops and parking will provide more than 200 full-time jobs,” said Mayor Bloomberg at a celebration held for the start of construction last month. Situated in a primary urban location, the new Residence Inn is expected to have more of a stylish edge to it, according to Bill Walther, president/COO of G. Holdings Corp. “The property is being developed to reflect its urban surroundings. It won’t feel like a traditional Residence Inn, it will feel more like a metropolitan, upscale apartment building,” said Walther, noting that it will, however, offer the same features as its Residence sister properties. Nobutaka Ashihara Associates is the architect for the project. The Cantor/Seinuk Group is performing the structural engineering work, with mechanical engineering by Cosentini Associates and interior design by Alexandra Champalimaud & Associates. G. Holdings has developed several other Marriott branded properties in New York City, including the Courtyard by Marriott, Times Square South, which is located diagonally across from the new Residence Inn site. “With great partners such as Mayor Bloomberg and Marriott International, our family will continue to invest in New York City. The Marriott Residence Inn suites, drawing on the energy and excitement that flows from Bryant Park, Herald Square and Times Square, will provide affordable accommodations for families and business travelers in New York,” said Harry Gross, chairman/CEO of G. Holdings. The new Residence Inn will be one of six Marriott brands currently represented in the New York City area, according to Marriott. The hotel, as well as the rest of the Bryant Park Tower, is being privately funded by G. Holdings, without subsidies from the city, noted Walther. Financing for the project is being provided by Corus Bank and iStar Financial. The new Residence Inn entrance will be at the corner of Avenue of the Americas and West 39th Street. Retail spaces on the Avenue will house approximately 8,500 square feet of prime retail space. The second floor will house a public garage, with the hotel’s restaurant, bar, meeting rooms and ballroom on the third floor. The hotel will occupy 30 floors, topped by 10 floors of rental units. The residential apartments will have a doorman as part of a separate residential staff and a separate lobby with entrance on West 39th Street serviced by its own elevator bank. The high-end finishes of the apartments will include wood floors, marble countertops and stainless steel appliances G. Holdings owns three additional Marriott hotels— the New York Courtyard by Marriott – Times Square South in Manhattan; in Queens the New York Courtyard by Marriott – JFK Airport; and in Philadelphia, the Marriott Residence Inn – Center City Philadelphia.
