Marriott International has purchased the Union Square W Hotel and plans to overhaul the century-old property, the company announced Thursday.
The seller was Westbrook Partners, which bought the hotel at 201 Park Avenue South just a year ago, according to public records. In a press release Thursday, Marriott indicated that it spent $206 million to acquire the 270-key hotel, but a deed filed with the city’s Department of Finance on Wednesday put the sale price at $166 million. Though the source of the $40 million is unclear, but the hospitality company said that it plans to renovate the property. Changes will include a new spa and an expanded restaurant.
Last year, Westbrook picked up the hotel for $165.5 million, financed through a $100 million loan from HSBC. Representatives for Westbrook and Marriott could not immediately be reached for comment.
Marriott’s plan to renovate the hotel is part of a broader effort to “reinvigorate the W portfolio,” according to the company. Marriott, which purchased Starwood Hotels and Resorts Worldwide (owner of the W brand) in 2016, had 56 W hotels as of the end of June. So far, owners of W hotels have committed $200 million to renovations in the U.S. and Canada.
“There’s no better place than New York City to reveal to the world the future of our W Hotels brand, so we’re tremendously excited about this acquisition and the unique opportunity that it presents for our reinvention strategy,” Arne Sorenson, Marriott International president and CEO, said in a statement.