The Park Hyatt Hotel being developed at 157 W. 57th St. will be the most expensive hotel to be built in the city, representing a $1.8 million-per-key investment, or a total of $375 million.
Hyatt Hotels Corp. Chief Executive Mark Hoplamazian disclosed the project's eye-popping per-room price tag in an earnings call with security analysts Wednesday morning.
“Our presence in New York City is being transformed [over this year and next],” said Mr. Hoplamazian, pointing out that the Chicago-based company had just one hotel here—the Grand Hyatt on East 42nd. Street— for many years. “We remain focused now on New York."
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