Chesapeake Lodging Trust has signed a franchise agreement with a Hyatt affiliate to transform its current property in New York to the Hyatt Herald Square in the third quarter of 2014.
The property is expected to undergo a $6m renovation project before the conversion. The renovation is expected to begin in August and be completed by the end of September 2014.
Hyatt Herald Square, which will be designed by VLDG designs founder Paul Vega, will be able to benefit from its close proximity to the Herald Square neighbourhood and the fashion district of Manhattan.
Chesapeake Lodging Trust president and CEO James Francis said the company is very pleased to expand its relationship with Hyatt.
"Hyatt Herald Square will mark our sixth Hyatt property in our growing portfolio of high-quality assets throughout the key markets of North America," Francis added.
"The new product will meld perfectly with the roof-top bar experience we created in 2013 which has unparalleled views of the Empire State Building and the surrounding midtown skyline.
"We expect our new Hyatt hotel will ramp-up very quickly given the robust demand in Manhattan, the strength of the Hyatt brand and our operator’s extensive experience managing hotel properties in New York City."
Under the transformation plan, the company will perform an all-inclusive renovation to all 122 guestrooms with custom furniture pieces, new softgoods and seating and extrinsic art influences from the local region.
The first floor of the property will be converted into an intimate upscale lobby and food and beverage experience.
Hyatt Hotels & Resorts real estate and development vice president Mark Chase said the group is happy to be working with Chesapeake Lodging Trust to add its eighth Hyatt-branded hotel in Manhattan to the Herald Square neighbourhood.
"Hyatt Herald Square will offer travellers and city explorers modern boutique accommodations in this vibrant midtown neighborhood and proximate to the fashion district," Chase added.
