On 42nd St, Pop Tarts Are Out, Hilton Is In
Just how many hotels are going up in midtown in the next few years? Quite a few, actually. We updated you on the Tryp Times Square South last month, but that's just the tip of the hotel iceberg. Everywhere we turn lately, it seems like there's another new hotel construction site popping up in midtown. Today, comes news from The NY Post that things are slowly moving forward on a new 30-story hotel going up on West 42nd St in Times Square.
Apparently, the lot used to be Pop Tarts World, a Kellogg-branded outpost that opened last August but quickly closed in December. The Real Deal previously valued the site at between $112.5 to $135 million. And in pop tarts currency, that's a lot of breakfasts.
Both The Real Deal and Curbed suspect the new hotel will become a Hilton, though that has not been confirmed. The Post reports:
Highgate has a contract to sell the new hotel at 136 W. 42nd -- which will have between 250 and 400 rooms, depending on acquiring certain development rights and permissions -- to Diamond Rock Hospitality. Although an earthmover was pounding away at the site yesterday, Highgate has yet to file plans for the new building. The company’s New York manager, Vijay Raina, said, “The building is still being designed, and we do not have a start date yet.”
Diamond Rock's portfolio, incidentally, includes two Courtyard By Marriott hotels, a Hilton Garden Inn, and a Radisson, all in Manhattan.
[Photo: The Real Deal]
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