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First it was transformed from a sleaze zone into a familyfriendly entertainment district. Now a wave of hotel construction is turning Times Square into a place where you'd actually want to sleep.
Spiffy hotels are being built from scratch, and existing properties are getting major facelifts to keep pace with their new competitors. The Hilton Times Square Hotel, which had its grand opening last week, is just one of several projects making a debut. Next up, on West 44th Street, is the first New York City outpost for Hotel Sofitel, the upscale brand of French hotel conglomerate Accor. A 562-room hotel on Broadway and 47th Street that will be a Starwood Hotels Resort's W property is set to open by the end of the year.
The activity will be capped by the largest Times Square hotel project, an 858-room Westin at 42nd Street and Eighth Avenue developed by Tishman Realty & Construction Co. It's the last link in Tishman's E Walk retail and entertainment complex. Ground will be broken in the coming weeks, with completion set for the fall of 2002.
Market conditions for Times Square hotels have never been so ripe. Tourism is booming, Broadway audiences are at record levels and new corporate headquarters, such as those for Conde Nast at 4 Times Square, are creating more demand for lodging in the area.
But should conditions sour, West Side properties that aren't spiffed up to meet higher standards may find their beds empty. A softening of the market late...