{"id":1004224368,"date":"2018-04-26T03:09:12","date_gmt":"2018-04-26T11:09:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004224368"},"modified":"2022-12-08T05:41:53","modified_gmt":"2022-12-08T13:41:53","slug":"300m-margaritaville-resort-coming-to-nyc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/","title":{"rendered":"$300M Margaritaville Resort Coming to NYC"},"content":{"rendered":"

By Barbra Murray<\/em><\/p>\n

Margaritaville Holdings LLC is taking its global lifestyle brand to Manhattan with the planned opening of The Margaritaville Resort Times Square in New York City. The development team behind the $300 million, 234-key project consists of Soho Properties, MHP Real Estate Services and Chip and Andrew Weiss.<\/p>\n

Margaritaville Times Square will take shape at 560 Seventh Ave., formerly home to the Parsons School of Design. Soho and MHP acquired the property in 2014 for $62.3 million, per New York City records, with visions of erecting a Dream Hotel<\/a>. Now, the corner site will sprout a 29-story tower, featuring not only guestrooms, but lobby-level retail space and more than a handful of food and beverage venues.<\/p>\n

\u201cMargaritaville at 560 Seventh Ave. is a perfect addition to the pulsing energy of the Times Square submarket, which continues to thrive as one of the city’s most visited neighborhoods,”<\/em> Sharif El-Gamal, chairman & CEO of Soho Properties, said in a prepared statement.<\/p>\n

Soho and partners plan to deliver Margaritaville Times Square in 2020.<\/p>\n

Manhattan hotel demand persists<\/strong><\/h2>\n

With high average rates and occupancies, Manhattan continues to lead the U.S. hotel market, with Oahu and San Francisco trailing close behind, according to a first quarter 2018 report by commercial real estate services firm Cushman & Wakefield. Developers continue to respond accordingly, bringing project after project to the market. Recent announcements include McSam Hotel Group\u2019s plans for the development of the 320-key Radisson Hotel New York City-Manhattan\/Times Square, and Lightstone\u2019s topping out of construction at the 349-key Moxy Chelsea Hotel<\/a>.<\/p>\n

Fears of oversaturation, however, may be unwarranted. As noted in the C&W report, Manhattan has experienced a 22 percent increase in demand, but only a 20 percent rise in supply, \u201cdiminishing worries that growth in demand would not keep pace with that of supply.\u201d<\/em><\/p>\n

\u00a0Images courtesy of The McBride Co.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Scheduled to debut in 2020, the 234-key Margaritaville Resort Times Square is being developed by a partnership including Soho Properties and MHP Real Estate Services. <\/p>\n","protected":false},"author":969,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21751,1600,21742,10],"tags":[32799,34050,37431,40056,40053],"class_list":["post-1004224368","post","type-post","status-publish","format-standard","hentry","category-development","category-featured","category-hotel","category-new-york","category-latest","category-northeast","tag-cushman-wakefield","tag-margaritaville-holdings","tag-mhp-real-estate-services","tag-sharif-el-gamal","tag-soho-properties"],"acf":[],"yoast_head":"\n$300M Margaritaville Resort Coming to NYC - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$300M Margaritaville Resort Coming to NYC\" \/>\n<meta property=\"og:description\" content=\"Scheduled to debut in 2020, the 234-key Margaritaville Resort Times Square is being developed by a partnership including Soho Properties and MHP Real Estate Services.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-26T11:09:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T13:41:53+00:00\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/300m-margaritaville-resort-coming-to-nyc\/\",\"name\":\"$300M Margaritaville Resort Coming to NYC - 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