Related Companies is ready to cut bait with the Equinox Hotel, only three years after opening.
Stephen Ross’ firm has started work with an adviser to solicit interest for the property at 33 Hudson Yards, people with knowledge told Bloomberg. The 212-key property, which includes office and retail space, opened in 2019.
The hotel is geared toward the health-conscious consumer, with mattresses made up of natural materials and minibar options consisting of vitamins and supplements, eschewing M&Ms and KitKat bars.
Equinox is expected to stay on as property manager and work to expand the hospitality brand across the country. The Hudson Yards hotel is the only open location, but Equinox chair Harvey Spevak has floated Houston, Chicago and Los Angeles for potential future locations.
In Miami Beach, Ross put forth a plan to build a two-tower development at the site of the historic Deauville Beach Resort, which would include a 175-room Equinox hotel and 150 luxury condos; Related owns a stake in Equinox.
Equinox has been trying to put out a number of fires stemming from its gyms’ rent payments — or lack thereof — during the pandemic. In March, real estate investment firm Savanna sued Equinox for $5.3 million in unpaid rent at three New York City locations.
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South Florida
Miami Beach commission to soon determine fate of Steve Ross’ plan to develop Deauville site into two-tower Equinox project
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New York
Equinox facing another unpaid rent suit from Manhattan landlord
Residential
New York
Related launches lodging for executives’ hybrid work
Equinox has faced lawsuits at several other spots in the city since the onset of the pandemic.
Related’s marketing of the Equinox Hotel comes as it plans to launch a rental brand that would ostensibly compete for a similar cliente. The developer is opening The Set at 455 10th Avenue in Hudson Yards this fall.
The 270-unit rental building will have fully-furnished units meant to attract business executives. The luxury units are expected to be more affordable than an upscale hotel, even if residents only stay there for a few nights a week.
— Holden Walter-Warner