Currently under construction, so that's encouraging as to the 2011 opening date for each.

Hyatt 48Lex:
The property is intended to provide the most current and functional accommodations for travelers with business in the more than 60 million square feet of office space that immediately surrounds the property. in addition, Hyatt 48Lex will welcome affluent traveler looking for an intimate, familiar pied-à-terre in New York City. Each room is designed to meet the tastes and preferences of today’s traveler, while offering extraordinary service and guest experience. The hotel will feature floor to ceiling windows in all guest rooms as a result of glass curtain wall construction plus gracious layouts, a butler’s pantry and the latest in-room technology.

The other Hyatt-branded property announced today, slated to open Fall 2011, will be located at 13th Street and 4th Avenue, a block off Union Square, and near Washington Square Park

I can't figure out if Hyatt 48Lex is meant to be mini apts, given the butler's pantry, or if I am misunderstanding.