The Real Deal New York

Union Square gets burgeoning hotel scene

February 05, 2013 11:30AM

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From left: a guest room at the Hyatt Union Square and a guest room at the Jade Hotel

Two new hotels are slated to open this spring in Union Square, though they come as delayed debuts in the wake of Hurricane Sandy, Crain’s reported. One of them is the 113-room, 18-story Jade Hotel, which was preparing for its peak-season opening when Sandy made landfall; the other is the 178-room, 11-story Hyatt Union Square. They will open in March and April, respectively.

With the addition of nearly 300 hotel rooms to Union Square — once called a small dead zone for hotels — the neighborhood now will have almost double the supply. And competition is now evident, as the W New York-Union Square undergoes its first gut renovation in 12 years, set to cost $15 million.

“The universities are excited about hotel capacity increasing,” Jennifer Falk, the executive director of the Union Square Partnership, a business improvement district, told Crain’s. “Large institutions like Beth Israel are excited about the increase in hotel space. The different price points that will be available make Union Square a competitive place to stay.”

Rates at the Jade span from $269 nightly in the off-season and will rise to a $599 high at peak season. Hyatt rates in the off-season start at $315 per night. [Crain's]Zachary Kussin

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