Hyatt Hotel Update

Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.

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    The Union Square Partnership has proposed a wide-ranging collection of enhancement to remake Union Square Park, expanding its edges into the surrounding streets to make it a much bigger and more attractive pedestrian-oriented area. Click through the links in their letter below to see much more. 

    They write:

    The Union Square Partnership is proud to announce the release of the Union Square-14th Street District Vision Plan: a bold new vision for transforming Union Square-14th Street into New York’s most accessible space.

    The Wall Street Journal ran an exclusive today showcasing the Vision Plan, stating “…the plan’s ultimate goal is for parkgoers to know they have ‘arrived at a place that is special.'” Read the full article here.  

    Building upon USP’s past investments, including the renovation of Union Square Park’s north end, City initiatives like Parks Without Borders, the 14th Street Busway, and the pedestrianization of Broadway, along with the more than one million square feet of new private development underway, our Vision Plan focuses on five key improvements prioritizing accessibility, district-wide connectivity, and substantial increases in public open space.

    Designed in collaboration with Marvel, the Vision Plan is the culmination of a two-year-long engagement process working with community members, local business leaders, urban designers, transportation experts, and City and State agency partners. With over a thousand individuals engaged at twenty separate engagement events, it was the largest outreach effort in the Partnership’s 45-year history.

    We are sure you will have questions and feedback about the Vision Plan and there will be many opportunities to learn more. The first is our official Vision Plan: Launch Event hosted in collaboration with the Urban Design Forum on Tuesday, January 26th at 12:00 PM. Please RSVP here.

    Next, we will be hosting a series of Vision Plan: Community Conversations via Zoom to facilitate more robust discussions and gather feedback. Dates + times will be announced soon but you can express interest in attending a session here.

    To familiarize yourselves with the plan, we have launched a dedicated web page with a robust amount of detailed information about the Union Square-14th Street District Vision Plan. Click on the link below to download and read the full report, our info sheet, and press release, as well as view the annotated renderings. There is also an FAQ, which hopefully will address most of your initial questions. You can explore more via unionsquarenyc.org/vision.

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  • Latest New School Construction Update

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