Qatar-based Al Rayyan Tourism and Investment Company (Artic) has announced The Manhattan at Times Square Hotel in New York, which it acquired in 2014, will soon to become a W hotel.

Artic, the international hospitality subsidiary of Al Faisal Holding Company, recently signed Memorandum of Understanding (MoU) with hospitality group Starwood Hotels & Resorts for a $250 million renovation and conversion programme.

Expected to be complete by the end of 2017, the hotel will then be re-branded under Starwood’s W Hotels.

Built in 1962, the hotel is located at the heart of Mid-Town and combines the age-old glamour of New York and classic Art Deco detailing with a coveted Times Square location.

The 22-storey property currently features 689 rooms and suites, commercial space and is within easy reach of numerous New York landmarks.

Sheikh Faisal Bin Qassim Al Thani, chairman of Artic, said: “Artic’s renovation and rebranding of this prime New York hotel under the iconic W brand is in line with our strategy of adding value to high quality assets in premium locations. We have developed a strong relationship with Starwood Hotels & Resorts in recent years and I am pleased to announce this latest agreement which further extends our collaboration with them.”

“The US is a key market for us and I am confident that we will invest in more hotels there as we further enhance ARTIC’s portfolio of premium hotels and move towards a flotation of the Company on one of the international stock exchanges,” he said. – TradeArabia News Service