Real estate developer Extell Development Company has begun construction on a new 54 story hotel in Times Square at 135 West 45th St. according to a CoStar report. The Hyatt Times Square is expected to be completed in 2013 and will be managed by an affiliate of Hyatt Hotels Corp. The property will include 487 guestrooms, including 49 suites, rooftop terrace, Sky-lounge and meeting space with an oversized adjacent terrace. The hotel will feature an innovative exterior design by renowned architectural firm SLCE and interior spaces by SPaN of New York.
For Gary Barnett, the president of Extell, who predicted that more new construction would begin as underwriting became less conservative, the choice to move ahead with construction projects was the only rational decision for his firm noted the New York Times. "We really didn't have a choice in the matter. We had to build," Barnett said, adding that construction had been moving forward despite what he described as extremely conservative underwriting. "It's what we do. It's what we've done."
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