Hyatt Hotels Corporation and Extell Development Corporation have announced that they will introduce the Park Hyatt luxury brand to New York with a newly-constructed hotel designed by world-renowned, Pritzker Prize-winning architect Christian de Portzamparc.

“As one of the world’s greatest business, financial and cultural centres, New York is a frequent destination for Park Hyatt guests. We are delighted to be able to bring Park Hyatt’s understated, contemporary sophistication to Manhattan,” said Steve Haggerty, global head of real estate and development for Hyatt.

“Because New York is such a critical market, this hotel will be a milestone for the brand’s development in terms of both representation in a key market and global visibility, two key drivers of brand preference for guests and owners alike. As we increase our presence in North America, we are committed to establishing the same awareness and reputation for Park Hyatt here that the brand’s iconic hotels and refined service have earned in other markets.”

“We are excited about creating a future landmark in the cultural heart of New York that will be a beacon for travellers from around the world, as well as home to some of the city’s most spectacular residences,” said Extell President Gary Barnett.

A Hyatt subsidiary and Extell have formed a joint venture that will acquire the hotel upon its completion, subject to the completion of certain contractual milestones.

Park Hyatt New York will be located at 157 West 57th Street between Avenue of the Americas and Seventh Avenue, across from Carnegie Hall. Slated for completion in 2012, the 210-room hotel will be part of a 90-story mixed-use tower that will also feature 135 Thomas Juul-Hansen-designed luxury condominiums with breathtaking views of Central Park and the New York skyline.

In addition to a distinctive bar and restaurant and 5,000 square feet of retail space, the property will include a premier meeting facility with a grand ballroom and distinctive event space, as well as a lavish spa, fitness centre, and indoor swimming pool in a three-story aerie at the top of the hotel. The world-class hotel will reflect Park Hyatt’s intimate and understated elegance with interiors designed by the design firm Yabu Pushelberg.