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A Qatari investor opens a second W at Times Square

Al Rayyan Tourism and Investment Co. will convert The Manhattan at Times Square into a W Hotel. The transformation of the property represents an investment of 250 million dollars.

Acquired in 2014 by Al Rayyan Tourism and Investment Co. (ARTIC), international subsidiary of Al Faisal Holding Co., The Manhattan at Times Square will become a W Hotels & Resorts property. The Qatari investor signed a contract with Starwood Hotels & Resorts to develop the property.

Built in 1962, the hotel will benefit from 250 million dollars in investment before reopening its doors under the W Hotels brand in  2017. The property located at 790 Seventh Avenue currently has 689 rooms and suites, as well as commercial space.

The new address will bring the number of W Hotels at Times Square to two. A first property with 509 rooms is already being operated by the Starwood Hotels & Resorts' lifestyle brand. As of January 1, 2015, Starwood Hotels & Resorts was the seventh group worldwide in terms of number of rooms with 346,599 units in 1,207 properties according to MKG Hospitality, consulting firm founded by Georges Panayotis. (read our report)
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