A subsidiary of hospitality major Hyatt Hotels has acquired the 210-room Park Hyatt New York hotel for approximately $390m, inclusive of pre-opening and related costs.

Located within a 90-storey glass tower in New York, the Park Hyatt was designed by architect Christian de Portzamparc and developed by Extell Development Company.

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The acquisition is part of Hyatt Hotels’ long-term strategy to expand its footprint in the world’s most important gateway cities and resort destinations.

Hyatt Hotels global head of capital strategy, franchising and select service Steve Haggerty, said: "With its prominent location in one of the world’s most important markets and its elegant aesthetic, Park Hyatt New York will have a meaningful impact on the visibility and reputation of the Park Hyatt brand.

"Park Hyatt New York will have a meaningful impact on the visibility and reputation of the Park Hyatt brand."

"Park Hyatt New York is an excellent example of Hyatt using the strength of its balance sheet to enter markets like New York that have high barriers to entry, and acquiring whole ownership of the hotel gives us the flexibility to recycle the asset at the appropriate time."

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Park Hyatt New York is expected to open later this month.

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Hyatt Hotels’ subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt, Park Hyatt, Andaz, Grand Hyatt, Hyatt Regency, Hyatt Place, Hyatt House, Hyatt Zilara and Hyatt Ziva brand names and have locations on six continents.

Hyatt Residential Group, a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt Residences and Hyatt Residence Club.

As of 30 June 2014, the company’s worldwide portfolio consisted of 563 properties in 48 countries.