Hotel Online  Special Report




Barry Sternlicht's New Brand "1" Hotel and Residences Planning a
31 Story Mixed-use Green Tower Across from Bryant Park,
New York City

NEW 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 in 2010."
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
       Conservation Code.

    -- Extensive use of high recycled-content and locally procured materials.

    -- 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 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 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.


Starwood Capital Group
Tom Johnson


Also See: Barry Sternlicht's Starwood Capital Group Developing New Hotel Concept: '1' Hotel; First Five Hotels Planned for Paris, Seattle, Scottsdale, Mammoth Lakes, CA; and Ft. Lauderdale / October 2006
Barry Sternlicht's Privately Held Starwood Capital Group Planning a Luxury Hotel Brand Called the Crillon; The Crillon's Flagship is the Hotel de Crillon in Paris / January 2006



To search Hotel Online data base of News and Trends Go to Hotel.OnlineSearch
Home | Welcome| Hospitality News | Classifieds| One-on-One |
Viewpoint Forum | Industry Resources
Please contact Hotel.Onlinewith your comments and suggestions.