from Hotels newsline 3/23/2011
Starwood Capital takes over New York library hotel development project
By HOTELS Editors on 3/22/2011
"NEW YORK CITY The planned conversion of a New York City library building into a luxury boutique hotel will be pursued by Starwood Capital Group now that Orient-Express Hotels has formally back out of the project.
Orient-Express has transferred its purchase and development agreements for the Donnell branch of the New York Public Library to Starwood Capital and an affiliate of Tribeca Associates LLC. The new joint venture assumes all the terms and obligations of the original contract ..."
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