New York Business Journal (11/1/2021): 

“Hyatt Hotels Corp. said it’s opening a hotel Monday on the southern edge of Central Park on West 56th Street.

The Chicago hotel giant (NYSE: H) said the Thompson Central Park New York is opening at the site of the former Parker New York Hotel, 119 West 56th Street, which was sold last year to GFI Capital Resources Group and Elliott Management Corp. for a reported $420 million. The 729-room hotel was sold by the family of the late hotel developer Jack Parker, and $100 million was spent on the building’s redevelopment, according to the Wall Street Journal.

Hyatt said it redesigned the lobby and public spaces and created 587 hotel rooms, as well as an additional 174 Upper Stories luxury rooms. Monday’s opening also will see the reopening of the Burger Joint restaurant and the introduction of new cocktail bar, Standing Room Only.

“Together with our partners across design, culinary, retail and more, we’re thrilled to provide New Yorkers and travelers with an unparalleled hospitality experience steps from Central Park and iconic cultural institutions, performing arts theaters, Broadway and more of what makes New York City a world-class destination,” said Matt Slippoy, general manager, Thompson Central Park New York, in a statement.

The hotel’s public spaces were designed by architect Thomas Juul-Hansen, and guestrooms were designed by Stonehill Taylor. Hyatt said rooms at Thompson Central Park New York will start at an introductory rate of $420 per night. Hyatt added that the Thompson Central Park New York is one of five Thompson Hotels properties expected to open across the U.S. this year.

New York’s hotel statistics still remain abysmal. In the latest statistics provided by hotel research firm STR, New York City’s hotel occupancy level is at 66.7%, down from 92.1% two years ago. The average daily rate is $242.01, down from $306.92 two years ago. And revenue per available room is down to $161.31, down from $282.73 from two years ago. STR said, “Due to the steep, pandemic-driven performance declines of 2020, STR is measuring recovery against comparable time periods from 2019.”

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