Barry Sternlicht's New Brand "1" Hotel and Residences
31 Story Mixed-use Green Tower Across from Bryant Park,
New York City
YORK, June 4, 2007 - Starwood Capital Group today announced that the recently
launched "1" Hotel and Residences, the world's first luxury, eco-friendly
global hotel brand, will open New York City's first five-star green hotel
on West 40th Street in Manhattan, across from Bryant Park. The "1" Hotel
and Residences will be part of a proposed 31-story mixed-use green tower
being developed by 40th Street Development, LLC, an affiliate of Ascent
Real Estate Advisors, LLC, of New York. The new luxury project, which will
also feature condominium residences and dining concepts developed by restaurateur
Stephen Hanson, will be a green project built to LEED (Leadership in Energy
and Environmental Design) Standards.
The "1" Hotel and Residences at Bryant Park will open during the first
half of 2010. It will demonstrate that green principles can coexist and
enhance a luxury hospitality experience and healthy residential lifestyle.
The Natural Resources Defense Council (NRDC) is serving as an advisor on
"1" with the goal of helping Starwood Capital set a new standard for environmental
excellence. The "1" Hotel at Bryant Park will also donate one percent of
its profits to local environmental organizations guided by a steering committee
with NRDC representation. Other "1" Hotels are currently being planned
for Seattle, Scottsdale, Az., Ft. Lauderdale, Fl., Mammoth Lakes, Ca.,
Washington, D.C. and Paris.
"Today marks an important step in the development of what I believe
will truly become a revolutionary force for change in the hospitality industry,"
said Barry Sternlicht, Chairman and CEO of Starwood Capital Group. "When
we announced the creation of '1,' we promised it would combine a truly
luxurious living experience with a commitment to environmental standards
and responsibility, and there is no better place to implement such a vision
in New York than across from one of the City's most adored parks. Our design
will adhere to Bryant Park's feeling of openness, while promoting a healthy
and invigorating atmosphere through its environmentally sensitive construction
and amenities. We have many truly extraordinary signature services and
features which we will showcase when this exciting hotel opens. I am delighted
to be working with such highly skilled partners as Ascent, Steve Hanson
and the NRDC on this project, and I look forward to inviting New Yorkers
and visitors from around the world to experience the power of '1' here
John Porges, a principal of Ascent and a manager of 40th Street Development,
LLC, said, "We are extremely excited to be partnering with Barry Sternlicht's
'1' brand and to have the opportunity to develop what will be New York
City's finest and most important green hotel across from one of New York
City's most beautiful public spaces. Bryant Park is rightly known as one
of the City's most spectacular and beloved parks, so we felt that any project
seeking to become its immediate neighbor needed to be equally as spectacular
and special." Dean Benjamin, also a principal of Ascent and a manager of
40th Street Development, added, "We believe that the '1' Hotel and Residences
on Bryant Park will meet that challenge and are confident that this thoughtfully
conceived green development will honor and respect both the Park and the
many other important buildings in the neighborhood."
As with all "1" Brand projects, the "1" Hotel and Residences on Bryant
Park will be a LEED-certified project. The LEED rating system was created
by the U.S. Green Building Council and is the nationally accepted benchmark
for the design, construction and operation of high performance green buildings.
The new tower on 40th Street, designed by highly-regarded New York City
architect Morris Adjmi, will feature a number of green construction and
operational components, including:
-- A high performance building envelope, with extensive
day lighting and
installation of keycards, occupancy
sensors, lighting control systems
and Energy Star appliances throughout
to save energy; the building will
be at least 30% more efficient
than required by the NY State Energy
-- Extensive use of high recycled-content and locally
-- Low- and no-VOC emitting materials to improve
indoor air quality.
-- 50% of the energy used will come from renewable
sources such as wind,
hydro and biomass.
-- Greenhouse gas emissions from operations will
be reduced 30%.
-- Potable water use will be reduced by 30% and no
potable water will be
used for landscaping. Irrigation
water use will be reduced by 50%.
-- Non-toxic products will be used for housekeeping.
One key component of the future New York City "1" Hotel and Residences
will already be recognizable to restaurant-savvy New Yorkers: The top-notch
service and high-quality dining experiences provided by Stephen Hanson
and B.R. Guest. Mr. Hanson, who will deliver restaurant service, banqueting
and room service, is well known for his outstanding creations in New York,
Chicago and Las Vegas, with restaurants that include Blue Water Grill,
Fiamma Osteria, Dos Caminos, Ocean Grill and Ruby Foo's. Mr. Hanson said,
"Guests and residents of the Bryant Park '1' will quickly come to expect
nothing less than a premier hotel and dining experience that appeals to
each of their senses and promotes a sense of tranquility amid the otherwise
bustling streets of Midtown. Our kitchens will use organic and other fine
local ingredients to prepare extraordinary meals that are completely in
tune with the building's environmental conscience."
The "1" Hotel and Residences on Bryant Park will be a 31-story luxury
tower to be built at 14-20 West 40th Street, on the southern side of the
street between 5th and 6th Avenues, overlooking Bryant Park and the New
York Public Library. The property is currently home to a surface level
parking lot. The building is designed by architect Morris Adjmi, who has
been lauded for his contextual design and who the New York Times said "has
made something of a specialty of creating new buildings in historic districts."
The building will feature approximately 100,000 square-feet of hotel and
86,000 square-feet of residential condominiums. The building design was
recently approved by the New York City Landmarks Preservation Commission,
and 40th Street Development, LLC is currently working with City agencies
and local officials on additional City approvals. Starwood Capital/"1"
Hotels and 40th Street Development, LLC, an Ascent Real Estate Advisors
entity, have signed a letter of intent on the project and are nearing completion
of definitive documents.
STARWOOD CAPITAL GROUP GLOBAL LLC:
Starwood Capital Group has been a leader in real estate investments
since 1991. Its international investor base includes some of the United
States' largest state and corporate pension funds, endowments and foundations
and high-net worth families from around the world. During the past fifteen
years, Starwood Capital and its affiliates have invested approximately
$6 billion of equity capital in transactions representing over $30 billion
of asset value. Starwood has closed and/or advised on over 215 transactions
ranging in size from $1 million to $14.6 billion, and has acquired equity
interests in residential and multifamily, hotels, office, retail and industrial
space, golf and leisure-related properties. Starwood's most recent transactions
include the $3.2 billion acquisition of Groupe Taittinger and Societe du
Louvre, Europe's second largest hotel network with a unique collection
of 14 luxury hotels in Europe, including France and Switzerland, in addition
to managing over 800 budget hotels throughout Europe plus the approximately
$1 billion acquisition of 32 Le Meridien luxury, four/five star hotels
located primarily across Europe but also in North America, Africa and South
America. Starwood has led the formation and growth of several market leading
companies including iStar Financial, the leading publicly traded finance
company specializing in commercial real estate mortgage, mezzanine and
net lease financing; Starwood Hotels & Resorts Worldwide, a leading
global owner/operator of hotels, with ownership of brands such as Sheraton,
Westin, The St. Regis Luxury Collection and the "W"; and National Golf
Properties/American Golf Corporation, the largest owner/operator of golf
courses and related facilities in the U.S. Starwood Capital Group no longer
owns an equity stake in either iStar Financial or Starwood Hotels.
40TH STREET DEVELOPMENT, LLC:
40th Street Development is an LLC formed by Managing Principals John
Porges and Dean Benjamin.
John Porges is a sixteen-year veteran of the real estate industry, who,
along with co-founding 40th Street Development LLC, is also a principal
of the investment management and advisory firm Ascent Real Estate Advisors.
Prior to this, John was vice president and general counsel to J.D. Carlisle
Development Corporation, a New York development company. Mr. Porges was
responsible for implementing and executing day-to-day investment and development
strategies, including acquisitions, structuring joint ventures with investment
banks, financing, leasing, marketing and zoning. Among the high-profile
development projects he oversaw were Morton Square, The Pennmark, recently
renamed the Olivia, and the New York University Cancer Center.
Dean Benjamin is an eighteen-year veteran of the real estate industry
who is currently a principal of the investment management and advisory
firm Ascent Real Estate Advisors. Prior, he was a member of the Principal
Transactions and Realty Investment Groups at Credit Suisse. Mr. Benjamin
was responsible for the origination, structuring and launching of many
Commercial Mortgaged Back Securities transactions, as well as the consummation
of various other asset securitization transactions.