Marriott will build the tallest modular hotel in Manhattan
Marriott International plans to make plans for saying that it will be the world’s highest modular hotel in the NoMad district of Manhattan. The property will have 168 guest rooms in total. So, it will be installed in a factory in Poland, will be sent abroad in the middle of the night where the city streets can carry extreme loads and will move to New York.
The 26-storey AC Hotel is expected to rise in 90 days and open in 2020. Marriott wants the tower to serve as a pointer to developers, creditors and factory owners.
“Our goal is to move the industry,” said Eric Jacobs, the chief development officer for the company’s select-service and extended-stay brands in North America. “Cost and time are really important to owners and developers. It’s about speed to market, and any time we can move that needle, it’s good for everybody.”
Hotel companies such as Marriott want to increase the modular structure, because they can help open new properties faster, which is an important way for increasing revenue. As Jacobs saves time, the builders can work on site while the rooms are built at the factory.
The modular structure is not exactly new in the hotel world, but it is unusual enough to pause many developers. According to Sanat Patel, the general partner of Avana Capital, which provides US $ 65 million in construction loans for the NoMad project, it may be difficult to provide funding as projects require more costs than a traditional building.
At the same time, production capacity is limited, and many of the existing factories are engaged in building hospitals, houses and student flats, a trade group director of the Modular Building Institute, Tom Hardiman. The shortage of construction work, which leads to longer development times, has made the factory-built model particularly attractive. Marriott offers financial incentives for modular projects and brings developers together with architects, contractors and lenders to make efforts.
AC Hotel is being developed by Concord Hospitality for Robert Chun. Jacobs said that in five years, modular construction holds 25 percent of all hotels in the pipeline, but brands like the Courtyard by Marriott and Fairfield Inn & Suites include North American exits. The benefit of the guests is that the factory-made rooms are quieter. In traditional construction, a hotel room usually shares a wall with its neighbor, but modular designs often require an insulated space between rooms.
Source: Business Times
Melike Vodina / realesatecoulisse.com