Atlas plans 401-room hotel at 711 Seventh Avenue

Groundbreaking expected in January, completion in 2025

New York /
Jul.July 30, 2021 10:00 AM
Atlas Hospitality Managing Member Raj Guru and Vinod Chand with 711 Seventh Avenue (Atlas, Google Maps)

Atlas Hospitality Managing Member Raj Guru and Vinod Chand with 711 Seventh Avenue (Atlas, Google Maps)

Atlas Hospitality is diving into the pool of uncertainty that is New York City’s hotel industry, planning a 401-key establishment in the heart of Midtown.

The hospitality firm filed plans with the Department of Buildings for a hotel at 711 Seventh Avenue. The approximately 140,000-square-foot hotel will be 32 stories and 343 feet tall, Crain’s reported.

Prolific hotel architect Gene Kaufman is the designer of the building, which has no brand yet. The goal for Atlas is to break ground on the project by early next year and to complete construction in early 2025.

Atlas is also developing hotels at 120 Water Street in the Financial District, as well as 305 West 48th Street in Times Square.

The hospitality firm is developing a hotel at a perilous time for the industry. More than 200 hotels in the city have permanently closed since the onset of the pandemic. And even with far fewer establishments open than usual, occupancy rates have lagged well behind what they typically are in the summer.

Because of the city’s reliance on business travel, the recovery of the industry is expected to take longer in New York than elsewhere. CBRE predicted that occupancy rates wouldn’t return to pre-pandemic levels in the city until 2025.

But there are signs of hope. More than 481,000 hotel rooms were booked the week of July 11, the most since the pandemic.

Atlas is not alone in moving ahead with hotel projects. Nearly 80 new hotels totaling 13,000 rooms are expected to open this year.

[Crain’s] — Holden Walter-Warner





    Related Articles

    arrow_forward_ios
    The Centre at Purchase at 1, 2, 3, 4 Manhattanville Road with George Comfort & Sons CEO Peter Duncan (George Comfort & Sons)
    Westchester office park owned by George Comfort & Sons slated for auction
    Westchester office park owned by George Comfort & Sons slated for auction
    Attorney General Letitia James and A&E Real Estate CEO James Patchett (Getty, iStock)
    A&E pays just $510K in lead-paint settlement
    A&E pays just $510K in lead-paint settlement
    Seeding from recapitalization of 25 health care properties
    KKR, Cornerstone in $1B JV to develop health care facilities
    KKR, Cornerstone in $1B JV to develop health care facilities
    The Broadway location of Halloween Adventure (Facebook via New York Costumes / Halloween Adventure)
    Halloween Adventure to vacate East Village home as retail condo hits market
    Halloween Adventure to vacate East Village home as retail condo hits market
    124 South Middle Neck Road in Great Neck, Long Island and Hornig Capital Partners Managing Partner Daren Hornig (Google Maps, Hornig Capital)
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    Size, security, transparency: Great Neck apartment project delayed following local pushback
    Bluerock Residential CEO Robert Ramin Kamfar (Owler)
    NY-based multifamily REIT Bluerock explores sale
    NY-based multifamily REIT Bluerock explores sale
    Ardie Tavangarian (Photo by Kevin Scanlon)
    LA’s gentleman builder on developing for the ultra-wealthy
    LA’s gentleman builder on developing for the ultra-wealthy
    495 Hoffman Lane in Hauppauge and Beechwood Organization CEO Michael Dubb (Google Maps, Belmont Child Care)
    Luxury senior living could replace shuttered Hauppauge school
    Luxury senior living could replace shuttered Hauppauge school
    arrow_forward_ios

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

    Loading...