Park Hyatt New York to be city’s most expensive hotel per key

NEW YORK CITY The Park Hyatt New York project, announced this week by Hyatt Hotels Corp. and Extell Development Corp., will be the most expensive hotel ever built in the city on a per-key basis.

The 210-key hotel will cost a total of US$375 million, working out to US$1.8 million per guestroom, Crain’s New York Business reports. The newspaper does not specify what the previous record is, but another Hyatt-owned property in New York City, Andaz 5th Avenue, cost US$1.6 million per key.

Park Hyatt New York is scheduled to be completed by 2012. Hyatt will own two-thirds of the property.

The hotel is considered the city’s first 5-star hotel project since Mandarin Oriental Hotel New York City opened in 2003 at a cost of about US$1.2 million per key.