Hotel operator Starwood Hotels & Resorts is considering opening its second W Hotel or Tribute brand in London at 50-57 Newman Street in Fitzrovia, W1.
It has expressed an interest in a development site that has planning permission for a 100- bedroom hotel and a 5,000 sq ft restaurant. The site is being marketed by JLL on behalf of a private investor.
Starwood’s W brand operates a philosophy that guests can have whatever they want, whenever they want.
It already has one W Hotel in the capital, in Leicester Square, W1. The operator has plans to open 75 hotels by 2020.
Starwood launched the W brand in 1998 with the W in New York, and it now has 46 hotels open across the world.
It recently announced plans for a W Hotel in Madrid, which will open on Plaza de Canalejas in 2018.
Starwood is also considering Newman Street for its Tribute hotel brand, which it already operates at the Great Northern Hotel, in King’s Cross, N1.
The Tribute brand aims to give hotels an independent feel and is aimed at the four-star and five-star market.
The current owner is considering both an outright sale at around £80m – a 4.9% yield – as well as a joint venture with a development partner with experience and capital. The gross development value of the project is estimated to be £130m.
The Fitzrovia area has recently seen a flurry of hotel development. The Rosewood is opening a boutique 34-bedroom, five-star hotel at 20-21 and 15-16 Newman Street. It is due to complete in the final quarter of this year.
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