New York-based Millennium Partners broke ground on The Ritz-Carlton Hotel & Residences in Battery Park City - one of the first five-star hotels built in lower Manhattan. Completion is slated for summer 2001.
The $205 million, 500,000 sq. ft. mixed-use complex will be home to a 311-room Ritz-Carlton which will provide hotel services to 172 condominiums situated on the upper levels of the facility. Additionally, the complex will serve as the home of the New York Skyscraper Museum.
The project signifies one of six partnerships between Millennium Partners and Atlanta-based Ritz-Carlton Hotel Co., and is a component of an $800 million Ritz-Carlton development program.
For more on Millennium Partners, please see the profile on page 54.
Jones Lang LaSalle inks deal with Seoul Hilton
Jones Lang LaSalle Hotels arranged the $228.5 million sale of the Hilton Hotel in Seoul, South Korea - on behalf of Daewoo Development Co. - to CDL Hotels (Korea) Ltd., a subsidiary of Hong Leong controlled Republic Hotels & Resorts. The sale price was $13.5 million more than originally anticipated.
The most recent data indicates solid performance in the Seoul tourism and hotel market, following a downturn experienced in 1996 and 1997.
New Yorker Hotel undergoes name change, renovation
Only a few days after the 1999 New Year, the New Yorker Hotel was officially renamed The New Yorker - A Ramada Inn and Plaza. The change coincides with the hotel's 70th anniversary and a $30 million renovation, slated for completion this spring.
When the hotel opened in 1930, it was one of the largest hotels in the world. With 2,500 rooms, 92 telephone operators, 35 chefs, 42 barbers and 150 laundry workers, the hotel was host to such celebrities as Benny Goodman, and Tommy and Jimmy Dorsey. Additionally, the hotel was the headquarters for the Brooklyn Dodgers during the 1941 World Series.
Highlights of the renovation include a new fitness center, a new lobby, new elevators, three restaurants (including open round the clock), and seven new meeting and conference spaces.