One of Union Square’s most visible properties is now on the market.
The W Hotel Union Square is up for sale after owner Host Hotels & Resorts retained Eastdil Secured to market the 20-story property at 201 Park Avenue South. The brokerage is pitching the 205,00-square-foot, Beaux-Arts style building as a possible residential conversion opportunity, per marketing materials.
The 270-room hotel, located on the corner of East 17th Street just north of Union Square, includes 26 guest suites. Bethesda, Md.-based Host Hotels acquired the property in September 2010 for more than $185 million, according to the New York Observer.
The building was renovated and reopened in 2000 and houses two dining establishments – the Irvington restaurant and the W Living Room bar and lounge – operated by Scott Gerber’s Gerber Group. The hotel also includes 6,600 square feet of meeting space, a fitness center and a business center.
Despite a recent boom in hotel development across the city, reports this week have suggested that the city’s hotel pipeline could dry up as soon as next year after the current wave of projects is completed. [NYO] – Rey Mashayekhi
Source: The Real Deal