Durst Fetner, Schrager split at Herald Square development site

New York /
Jun.June 13, 2012 09:30 AM

Contrary to previous reports, Ian Schrager will not bring a Public Hotel to Durst Fetner Residential’s Herald Square development site, the New York Post reported. A Durst spokesperson said the partnership “couldn’t make the financials of the deal work” for 855 Sixth Avenue, at West 30th Street, and that the developer is in talks with other hotel brands instead. A design won’t be finalized until a hotel is on board.

Reports first emerged of a Schrager-Durst Fetner partnership at the site in November, and Schrager was expected to operate a 250-room hotel on the bottom 16 floors of a 56-story tower designed by Cook + Fox Architects.

Though this deal fell through, Schrager told the Post that he is in contract for another site, though he wouldn’t reveal the location. The boutique hotelier said he is not targeting the luxury market because he thinks guests are still price sensitive, and so he’s looking for deals where he’d spend between $400,000 and $500,000 per room.

Finally, Schrager said he thinks the Bowery is ripe for hotel development. [Post, 1st item]


Related Articles

arrow_forward_ios
News of President-elect Biden’s $1.9T stimulus plan held promise for employment and economic activity. (Getty)

Real estate stocks hold gains even as market doesn’t

Real estate stocks hold gains even as market doesn’t
Photo illustration of Aliz Hotel at 310 West 40th Street (Google Maps)

From lender with love: Bond-themed hotel sued for $40M

From lender with love: Bond-themed hotel sued for $40M
Chelsea Hotel with Ira Drukier and Richard Born (Getty)

Chelsea Hotel reno can resume after housing department drops fight

Chelsea Hotel reno can resume after housing department drops fight
325 West 33rd Street and Magna Hospitality CEO Robert Indeglia (Google Maps; Magna Hospitality)

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M
Hilton Hotel in Times Square (Google Maps)

Hilton Times Square owner: “Take my hotel, please”

Hilton Times Square owner: “Take my hotel, please”
Some restaurants and hotels are partnering up to offer private dining in empty rooms, in an attempt to survive the economic fallout of the pandemic. (iStock)

Hotels turn empty rooms into private dining suites

Hotels turn empty rooms into private dining suites
Renderings of 159 Broadway in Williamsburg and Tillary Hotel at 85 Flatbush Avenue in Downtown Brooklyn (Photos via Stonehill Taylor; The Tillary Hotel)

Two Brooklyn hotel projects file for bankruptcy in one week

Two Brooklyn hotel projects file for bankruptcy in one week
City planning chairperson Marisa Lago (iStock; Global Philanthropy Forum)

NYC moves forward with plan for special hotel permits

NYC moves forward with plan for special hotel permits
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...