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Manhattan's luxury hotel market has long been dominated by independently owned boutique properties. But the acquisition frenzy of Phoenix-based Starwood Hotels & Resorts threatens to change all that.
Starwood, which comprises a real estate investment trust and a hotel management company, has converted the former Ritz-Carlton on Central Park South to its Westin brand. Company executives also say they are developing a worldwide luxury chain based on the 212-room, 91-suite St. Regis. The building at Fifth Avenue and East 55th Street would be the flagship.
Starwood officials refuse to confirm speculation that the brand will be named for the St. Regis. "Any name is possible for the luxury brand," says Steven Goldman, senior vice president at Starwood. "But within the company, when we say the St. Regis, we all know it is a reference to our top-of-the-line hotel."
Many think the St. Regis name has too much consumer...