Starwood Hotels has pulled the brand from Sheraton Manhattan at Times Square because the hotel did not meet the chain’s new upscale standards. In a press release, the hotelier says it is "exploring a variety of options to maximize the long-term value of this significant asset which occupies 395,000 square feet of real estate, covering a full city block."
The redevelopment plans will include a hotel flying one of Starwood’s brand flags, in possible combination with retail and office uses. Starwood also has received interest from investors and developers to partner on the project; the company has assembled a project team to assist in evaluating a full range of options and partners over the coming months.
Starwood is currently operating the hotel as an independent property, and it will remain open and continue to be a member of the Starwood Preferred Guest loyalty program.
