Developer David Marx plans to raise a $40 million AC Hotel by Marriott near LaGuardia Airport as the transport hub gears up for a $2 billion redevelopment of its own.
The 126-room hotel is planned for 112-24 Astoria Boulevard in the East Elmhurst neighborhood of Queens. Marx purchased the 16,141-square-foot lot for $5.5 million, according to Crain’s.
Marx told Crain’s that he plans to finish the hotel by 2016, around the same time the planned airport upgrades are slated to take off. That plan, in the process of being arranged by private financiers, aims to rebuild the main terminal by 2021.
“We see the LaGuardia market as underserved, especially in terms of there being really no new-construction hotels there that are up to par with the needs of the modern traveler,” Marx told Crain’s. “That coupled with the huge investment that’s being put into LaGuardia … this development has all the right ingredients for us.” [Crain’s] — Julie Strickland