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  FOR IMMEDIATE RELEASE
October 16, 2002
PR-271-02
www.nyc.gov


MAYOR MICHAEL R. BLOOMBERG ATTENDS OPENING OF
THE WESTIN NEW YORK AT TIMES SQUARE


City's Largest New Hotel to Open in Seventeen
Years Adds 600 New Jobs


Mayor Michael R. Bloomberg today attended the opening ceremonies for The Westin New York at Times Square, New York City's newest hotel located on West 43rd Street and 8th Avenue in the Times Square district. The 45-story, $300-million property is the largest newly built hotel to open in Manhattan in seventeen years. Developed, owned, and built by Tishman Realty & Construction Co., Inc. and its affiliates, the 863-room hotel will be operated by Westin Hotels & Resorts and features Shula's Steakhouse, the Bar 10 lounge, a gourmet pastry shop and café, a spa and fitness facility, a business center, and 34,000 square feet of flexible meeting and function space including three ballrooms.

Empire State Development Corporation (ESDC) Chairman Charles Gargano, NYC & Company President Cristyne Nicholas, Tishman Realty & Construction Chairman John Tishman, Tishman Construction Corporation Chairman Dan Tishman, Westin Hotels & Resorts Senior Vice President Sue Brush, NYPD Commissioner Raymond Kelly, Department of Buildings Commissioner Patricia J. Lancaster, and Department of Cultural Affairs Commissioner Kate Levin also attended the event.

"It is my pleasure to be here today and to continue to build on the successful efforts of my predecessor and our Governor to remake Times Square into one of the most attractive and convenient places to visit and do business," said Mayor Bloomberg. "The project has already had a significant positive economic impact on both the City and the State of New York, having created approximately 2,000 construction jobs, and now it will provide 600 permanent hotel and hotel-related jobs. Considering how important tourism is to our City's economy, we hope that visitors and business travelers alike will return again and again, and most importantly, enjoy their stay at these grand accommodations in the heart of midtown."

"I share with countless New Yorkers the excitement that another beautiful landmark building has opened in Times Square, demonstrating to the world that the revitalization of this area continues," said Governor George E. Pataki. "I am particularly proud that this hotel has been developed by a born-and-bred New York company, Tishman Realty & Construction, which has been helping to build our great skyline for more than 100 years."

"Working with important private sector employers like Westin and Tishman Realty, Governor Pataki and Mayor Bloomberg continue to lead the redevelopment of this area," said ESDC Chairman Gargano. "The Westin New York provides the New York skyline with its latest signature building and will help us attract thousands of visitors to our City in the years and decades to come."

"The Westin New York exemplifies our desire to provide striking architecture, inspiring interiors, and the most comfortable accommodations to visitors, tourists, and business people, visiting the multi-media and visually-stimulating world of Times Square," said Tishman Chairman John Tishman. "I am confident that people will come from all over the world to see this crowning accent to the renaissance of the Times Square district and to enjoy its ambiance."

"The Westin New York at Times Square adds a level of excitement, not only to the heartbeat of the city's epicenter, but to our unparalleled portfolio of hotels in the greatest city in the world," said Starwood Chairman & CEO Barry Sternlicht. "As New York City's largest hotel operator, with more than 6,000 rooms and eleven properties, we are proud to have the Westin flag flying in Times Square."

Tishman estimates that through the construction period and the first 20 years of operations, the Hotel will generate over $297 million in occupancy and sales taxes to the City and State of New York. During that same period, the Hotel is projected to pay $50.1 million in ground rent to the City and State. Building The Westin New York at Times Square created approximately 2,000 construction jobs. Once all rooms in the hotel are fully open in January 2003, it will have 500 permanent employees at the hotel and another 100 employees at various vendors such as valet parking attendants, audio/visual specialists, floral designers, and newsstand employees, for a total of approximately 600 permanent hotel and hotel-related jobs.

Through the construction period and the first 20 years of operations, the hotel will generate over $297 million in occupancy and sales taxes to the City and State of New York. The Westin is under a 99-year ground lease with the City and State. The hotel is projected to pay $50.1 million in ground rent to the City and State of New York excluding real estate taxes through the construction period and the first 20 years of operations.

The Westin New York and adjoining E Walk® entertainment complex, featuring shops, entertainment venues, restaurants, and 13 Loews movie theaters was born out of NYS Urban Development Corporation's (now Empire State Development Corporation) 1995 request for proposals from developer/architect teams to create the western anchor of the massive 42nd Street redevelopment. It was the largest urban renewal project ever undertaken in New York City, having a master plan comprising 13 acres along both sides of West 42nd Street between Times Square and 8th Avenue.

Westin is a division of Starwood Hotels & Resorts Worldwide, Inc., the largest hotel operator in Manhattan, and The Westin New York at Times Square is owned by the Tishman Realty & Construction. For more information, visit www.tishmanhotels.com.

 

www.nyc.gov

Contact: Ed Skyler / Jennifer Falk
(212) 788-2958
Richard Kielar (Tishman Realty)
(212) 399-3617
Kathleen McMorrow (Rubenstein Assoc.)
(212) 843-8012