The Park Hyatt New York City recently opened with it’s grand debut on August 19th. The hotel has 210 rooms, including 92 suites, all with floor-to-ceiling windows. Nightly rates for a standard room start at $795 to $1,295.
The Wall Street Journal reports that
“Hyatt has high expectations for this property, which occupies the first 25 floors of a new 1,004-foot luxury condo tower. The company said last week it purchased the hotel from Extell Development Co. for $390 million. That comes to nearly $1.9 million a room—one of the highest prices ever spent on a hotel and the most that Hyatt, by this metric, has ever spent on a property.
“I can’t think of anyone who has spent as much on the construction of a new hotel,” says Ryan Meliker, a hotel analyst with MLV & Co. “They believe this property will help market the Park Hyatt brand, and not just domestically but globally.”
Bottom Line
I can’t wait to try out the Park Hyatt New York, but as a Category 7, 30,000 Hyatt points is a lot but to spend, but for a room that cost almost $2 million dollars to complete I think it might be worth it. However, there is no points availability at this time as they are still completely some of the rooms so expect to shell out over $600 if you want to stay here in the interim.
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You are kidding right? The room naturally did not cost $2million. In NYC the land is by far the most important factor in construction cost, if you are expecting to see $2million worth of stuff in the room you are in for a big big disappointment.
Miguel – I think the point is that if they are spending $2M per room on the real estate side, they aren’t going to be shy about spending an exta 10-20k on each room to make it prestigious and perfect. I don’t think anyone is thinking there will be gold toilets, but a premier experience would be expected.
$600 for a night in New York is not THAT far unreasonable esp considering its a high end property and above the standard room type at that rate.
Proof read the paragraph under bottom line….;)