Marriott International has acquired the Union Square W Hotel at 201 Park Avenue South from Westbrook Partners for $166.2 million. The hotel spans 200,000 square feet, and contains 270 rooms.
- Be Smart: Marriott purchased Starwood Hotels and Resorts Worldwide (owner of the W brand). This acquisition indicates a broader effort to add to the portfolio, which currently consists of 56 W hotels.
- What comes next: The hospitality company plans to renovate the property. Changes will include a new spa and an expanded restaurant. This could explain the distinction between the $166 million price filed with the Department of Finance, and the $206 million number indicated by Marriott, according to TRD.
- Flashback: Westbrook Partners paid $165.5 million for the hotel just a year ago.