Marriott International has signed an agreement with luxury hospitality development firm Flag Luxury Group to bring the Ritz-Carlton brand to New York City’s vibrant NoMad neighbourhood.

Flag Luxury Group will develop the hotel and residences tower, which will represent a more than $500 million investment.

Designed by award winning architect Rafael Vinoly, this landmark project will include both hotel accommodations and branded residences conceived of by renowned interior design firm Yabu Pushelberg.

Located at Broadway and 28th Street, the hotel and residences tower will be situated in the heart of Manhattan’s fast-growing centre for creative and tech firms, alongside world-class retail, dining and nightlife venues.

“We are thrilled to be working with Flag Luxury Group to bring this significant project to the NoMad area.

“Thanks to buzzing restaurants and bars, unique retail and notable architecture, NoMad has become one of Manhattan’s most popular neighbourhoods,” said Tony Capuano global chief development officer, Marriott International.

“This signing speaks to the strong demand we are experiencing for luxury hospitality and branded residences.”

To soar over 500 feet high, the tower will provide hotel guests and residents extraordinary views of the Empire State Building and downtown Manhattan as well as direct access to a historic neighbourhood recognised for its architecture, central location and dynamic culinary scene.

“The Ritz-Carlton New York, NoMad, is set to become the epicentre of one of New York City’s most exciting neighbourhoods and we are thrilled to be collaborating with Marriott International on this iconic project,” said Dayssi Olarte de Kanavos, president of Flag Luxury Group.

“The hotel and residences tower will have an ideal location and sophisticated design, complemented by the celebrated Ritz-Carlton service.”

The tower will include 250 hotel rooms and 16 branded residences that will feature the Ritz-Carlton’s service, luxurious amenities and visionary interior design.

With construction already underway, the hotel and residences are expected to open in 2021.