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New Full-Service Hotel Will Create 500 New Permanent Jobs
Mayor Rudolph W. Giuliani, Charles A. Gargano, Chairman of Empire State Development Corporation and Michael G. Carey President of the New York City Economic Development Corporation (EDC), today joined executives of Tishman Realty & Construction Company and Starwood Hotels & Resorts to commemorate the beginning of construction of the new Westin New York at Times Square.
The new 45-story hotel, which will be built at 43rd Street and Eighth Avenue, will be developed and owned by Tishman Realty and operated by Starwood's Westin Hotels & Resorts. Starwood Hotels & Resorts is the world's largest hotel company. The new hotel will be connected to Tishman's E Walk® on 42nd Street, an entertainment, retail, and restaurant complex and will have an entrances on 42nd and 43rd Streets.
"This is more great news for New York City as the redevelopment of Times Square takes another giant step forward," said Mayor Giuliani. "This exciting new hotel tower will create 1,800 construction and 500 permanent jobs and generate hundreds of thousands of dollars in tax revenue annually for the City and State. This project underscores once again what can be accomplished when the government and the private sector work together."
Designed by the Miami architectural firm, Arquitectonica, The Westin New York at Times Square is scheduled to open in the fall of 2002. The hotel and the connecting E Walk® entertainment complex together total 867,000 square feet. They are located within the 42nd Street Development Project - the largest urban renewal project ever undertaken in New York City.
It is estimated that when complete, the 42nd Street Development Project will create 35,000 new permanent jobs in New York City. The overall project represents $2 billion in investment by private developers, investors and lending institutions and the economic impact of the area will continue to have a tremendous impact on our economy for years to come.
"42nd Street stands today as North America's oldest and newest tourism and entertainment district," said Charles A. Gargano, Chairman of the 42nd Development Project and Empire State Development Corporation. "Under the leadership of Governor George Pataki, New York State jump-started 42nd Street's rebirth by spearheading an unparalleled public-private partnership with developers, entertainment, communications, hotel and retail companies. Today we join Mayor Giuliani, our public sector partner, to officially welcome our newest private sector partner, Westin Hotels & Resorts, to the new 42nd Street."
The Westin New York at Times Square is designed as two 45-story prisms, separated by a curved beam of light. The 532-foot towers will mark the entrance to the Times Square district from the West. With 858 rooms, the Westin New York will be the largest hotel in the Times Square area.
"In the heart of Times Square and the theater district, our hotel will make a major visual impact on New York City's skyline with its striking design and dramatic lighting," said John L. Tishman, Chairman of Tishman Realty & Construction. "It is certain to become a New York landmark and will attract visitors and business travelers from all over the world."
The Westin New York at Times Square will feature more than 200 rooms with special accommodations such as concierge level and enhanced business traveler rooms. The hotel will offer 34 suites, 26,000 square feet of meeting and function space, 24-hour room service, a business center, and a fitness center and spa.
Bob Cotter, COO, Starwood Hotels and Resorts, said, "This property is not only a landmark project for Westin, it is also another milestone in our long-term relationship with the Tishman Company."
EDC President Michael G. Carey said, "The hotel business is booming in New York City, thanks in part to the continued efforts of Mayor Giuliani to maintain a business-friendly climate and reduce taxes - especially the hotel occupancy tax which has been reduced by 28 percent during this administration."
Cristyne Lategano-Nicholas, President and CEO of NYC & Company, the City's convention and visitors bureau, said, "The Westin at Times Square is a welcome addition to New York City. It will be home to many of the record breaking numbers of visitors expected to visit New York City in the coming years. With occupancy rates and visitors exceeding record levels, Tishman and Starwood couldn't have picked a better time to construct this architecturally impressive structure."
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