Caspi tops out Tribeca hotel as sector scorns the virus

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Caspi Development has topped out of 456 Greenwich Street in Tribeca, the future home of the Hotel Barrière Le Fouquet’s New York (rendering top).

Managed under the Groupe Barrière brand, the property will have
96 guest rooms and suites. Situated between Desbrosses Street and Washington
Street, the eight-story hotel will feature several food and beverage
destinations, a private spa, swimming pool, an interior courtyard, screening
room, and board rooms.

 “The topping out of
456 Greenwich Street represents a culmination of six years of tireless work by
all involved, and it is our aspiration that the property will serve as a beacon
of hope to the future of the city,” said Joshua Caspi, principal of Caspi
Development.

“As a flagship of the esteemed Groupe Barrière brand, the hotel will open as one of the finest hospitality destinations in New York.”

Steven and Joshua Caspi attend Hotel Le Fouquet’s topping out. Photo by Patrick McMullan/Patrick McMullan via Getty Images.

The first hotel in the U.S. under the Barrière brand, Hotel
Barrière Le Fouquet’s New York topping out was marked by a socially distant
event hosted by Caspi Development and Groupe Barrière to express gratitude for
the project team including AECOM Tishman, construction manager; Stephen B.
Jacobs Group, architect; Martin Brudnizki Design Studio, interior design;
Cameron Engineering; and Lehrer Cumming, owner advisor.

Groupe Barrière operates casinos in France, Switzerland and
elsewhere in Europe. The group also operates in the French luxury hotel industry
and in the catering and leisure industries.

“We congratulate Caspi Development on this important milestone for Hotel Barrière Le Fouquet’s New York at 456 Greenwich Street, which reinforces the continued and unwavering commitment to the future of New York that both our companies share,” said Dominique Desseigne, chairman & CEO of Groupe Barrière. “We are delighted to be part of this project and very much look forward to the opening next year.”

Also recognized for their contributions to the development
were Hana Financial Investment, DPW Holdings, APW, Ponte Equities, and Barone
Management.

The topping out comes as Manhattan emerges from a doomsday
year at the hands of the COVID pandemic.

According to PwC’s 4Q 2020 Manhattan lodging index, declines
in occupancy and revenue per available room (RevPAR) continued to accelerate
across Manhattan during the fourth quarter, as the COVID-19 pandemic curbed
both holiday tourism and commercial traveler demand to the city.

With tens of thousands of rooms temporarily closed, business
and international travel all but suspended, and leisure demand drivers severely
restricted, fourth quarter RevPAR experienced a year-over-year decline of 85.2
percent.

As of December 2020, 18 hotel properties consisting of 5,976
rooms in Manhattan were reported to stay closed permanently. This represents a
121 percent increase in the number of permanently closed rooms compared to the
second quarter of 2020.

During the second half of 2020, 11 hotels permanently closed
in Manhattan, including the 1,015-room Roosevelt Hotel, 876-room Hudson Hotel,
480-room Novotel Times Square, 460-room Hilton Times Square, 196-room Salisbury
Hotel, 132-room AKA Wall Street, 109-room Marmara Manhattan, 102-room Best
Western Bowery Hanbee, 100-room AKA Tribeca, 95-room AKA United Nations, and
60-room Comfort Inn Manhattan Bridge.

Nevertheless, according to the city’s official tourism
agency, NYC & Company, the hospitality industry is planning for the
addition of an estimated 17,000 rooms in at least 110 new developments over the
next 12 to 18 months.

New hotels are slated for all five boroughs, with half of
the new development occurring outside Manhattan in Brooklyn, Queens, the Bronx
and Staten Island.

Among the new hotels expected to come online this year, the Pendry Manhattan West Hotel will bring 164 guest rooms as well as condominiums on the upper levels. Developed by Brookfield Properties and designed by Skidmore Owings & Merrill, construction is already complex at the 281 ft. tall tower at Four Manhattan West. The 21-story project makes up one of five separate buildings in the Manhattan West master plan, which sits directly across Tenth Avenue from Hudson Yards.

The Xi

Six Senses New York will also open this year in the Bjark
Ingels designed The XI, a 236-unit condo and 137-key hotel hybrid where developer
HFZ is reportedly in trouble with its lenders.

At the Crown Building on the corner of Fifth Avenue and 57th
Street, The Aman New York has announced it will open its doors in the spring.
The 83-room property will also feature 22 private residences — a first for
Aman.

Also in the pipeline, Casa Cipriani at the Battery Maritime
Building will bring a 164-room hotel, club and event space to the landmark
property redeveloped in partnership with Centaur Properties and Midtown
Equities.

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