NEW YORK—Chesapeake Lodging Trust has entered into a franchise agreement with a Hyatt affiliate to convert its current property located at 30-32 West 31st St. in midtown Manhattan to the Hyatt Herald Square in the third quarter of 2014.
Conversion of the property is expected to occur following the completion of a $6-million dollar renovation. Property operation will close throughout the renovation project, which is expected to begin in August and conclude by the end of September 2014.
James L. Francis, Chesapeake Lodging Trust’s president and CEO, stated, “We are very pleased to expand our relationship with Hyatt, by way of up-branding the hotel to the upper-upscale market position in the vibrant midtown area of Manhattan. Hyatt Herald Square will mark our sixth Hyatt property in our growing portfolio of high-quality assets throughout the key markets of North America.”
The design plans are being developed by Paul Vega, founder of VLDG designs of New York and will capitalize on the hotel’s proximity to the Herald Square neighborhood and the nearby Fashion District. The design takes cues from the tactile nature of both industries, creating ideas inspired by the industrial techniques used in each form of production.
The transformational plans include an all-inclusive renovation to each of the 122-guestrooms with custom furniture pieces, new soft goods, seating and art influences from the local region. The first floor will be transformed into an upscale lobby and food and beverage experience with gathering spaces.
“The new product will meld perfectly with the rooftop bar experience we created in 2013 which has unparalleled views of the Empire State Building and the surrounding midtown skyline,” stated Francis. “We expect our new Hyatt hotel will ramp-up very quickly given the robust demand in Manhattan, the strength of the Hyatt brand and our operator’s extensive experience managing hotel properties in New York City. This design centric renovation will perfectly position the hotel for exceptional long-term performance.”