Millennium Partners and Ian Schrager Hotels Close on Joint Venture to Re-develop The St. Moritz Hotel
NEW YORK, Dec. 27 / Millennium Partners announced today that it has closed a joint venture with Ian Schrager Hotels to re-develop The St. Moritz Hotel into a five-star caliber hotel that will be managed by The Ritz-Carlton Hotel Company, L.L.C.
The St. Moritz Hotel, which overlooks Central Park, will undergo a complete renovation. The existing hotel will be totally refurbished and reconfigured as The Ritz-Carlton flagship hotel in New York City, with extraordinarily large rooms and suites. To be named The Ritz-Carlton, New York, it will offer discerning travelers to New York the most spectacular views of Central Park.
Christopher M. Jeffries, principal and founding partner of Millennium Partners, stated, "The conversion of The St. Moritz to a five-star caliber hotel will offer a level of luxury and service at a scale never before available in such a prime Central Park South location. Now, following our purchase of The Ritz-Carlton, Boston, we will continue The Ritz-Carlton tradition of restoring historic properties to their former elegance."
Horst Schulze, president and chief operating officer of The Ritz-Carlton Hotel Company added, "This hotel will become the new flagship property for The Ritz-Carlton. New York City is the world's most dynamic hotel market, Millennium Partners is already under construction at The Ritz-Carlton, Downtown New York, and now we have the most prized site on Central Park South. This will reestablish us as the preeminent luxury hotel operators in New York and finally offer travelers more five-star caliber lodging options."
The St. Moritz property and the Downtown, New York development signify two of six partnerships between Millennium Partners and The Ritz-Carlton Hotel Company and are components of Millennium's $800 million Ritz-Carlton development program. The companies are currently involved in two projects in Boston, where Millennium Partners recently purchased The Ritz-Carlton, Boston, and will develop a new hotel, The Ritz-Carlton, Boston Common. The other two hotels are under construction in Washington, D.C. and Georgetown.
Millennium Partners is currently developing nearly $3 billion of mixed-use real estate in Boston, San Francisco, Washington D.C., Miami and New York. Headquartered in New York City, Millennium Partners has assembled some of the world's leading hoteliers, retailers, sports and entertainment companies, and financial institutions to create intelligent, large-scale urban developments that respond to a resurgent demand for dynamic city living. Millennium Partners has attracted prominent institutions and individuals as financial partners, including Goldman Sachs' Whitehall Fund; financier George Soros and his Quantum Realty Fund Limited; Citicorp Real Estate, Inc. and a consortium of German financial institutions led by ERGO Versicherungsgruppe AG.