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Coming: W Buenos Aires in 2024
https://news.marriott.com/2019/07/ma...-in-argentina/ Marriott International, Inc. (NASDAQ: MAR) has signed an agreement with GNV Group to bring its iconic W Hotels Worldwide brand to Argentina for the first time in dynamic Buenos Aires, underscoring growing demand from developers and consumers alike for W Hotels’ bold design, signature Whatever/Whenever® service and innovative programming. The hotel – expected to open in 2024 – and its planned residences will be located within a $100 million, 34-story, mixed-use tower poised to rise in the heart of the captivating Puerto Madero neighborhood, the ideal location for the brand’s passion for what’s new/next. W Buenos Aires will be designed by internationally renowned architect Carlos Ott and the local studio BMA, drawing upon the city’s culture, heritage and devotion to forward-thinking design and growth. A lively mix of meeting space, restaurants and a rooftop bar with sweeping views of the city will be the backdrop to the hotel’s anticipated 150 rooms. |
Will be great to have another option in BA! The Sheraton and Park are pretty dated.
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Puerto Madero is a fun area with a great newish modern art museum, which I'm told is the first private (art) museum in the country. There's already at least one luxury hotel in the area. Still, I'm a bit surprised that they didn't pick Palermo for the location, although a W might seem too large and out of place among the boutique hotels and restaurants. I'll also be surprised if it opens by 2024. |
Originally Posted by MSPeconomist
(Post 31297243)
Still, I'm a bit surprised that they didn't pick Palermo for the location, although a W might seem too large and out of place among the boutique hotels and restaurants.
The developer and Marriott agreed on the W brand for the hotel in this new building. It isn’t like Marriott chose the location; the developer has this location. Marriott and the W brand are simply taking advantage of a new building development that offers an appropriate opportunity for the W hotel. And it also precludes another chain putting in one of their brands. |
I understand that. In fact, in my post that you quote, "they" refers to the developer/owner (which might or might not be local) and not Marriott headquarters. Usually the developer would acquire the land as part of the planning for the hotel (or mixed use) project. They wouldn't just be sitting on some land (vacant lot) and suddenly decide that the time is right to make it into a "luxury" hotel unless they think the land will appreciate faster than the return rate on other potential equally risky investments. Otherwise, if they own a chunk of land, they would be trying to sell it rather than holding it just because someday it might become a hotel. In some jurisdictions, the purchase of land would be after or contingent on obtaining zoning and planning commission (etc.) permissions for the project. |
The BA Sheraton and Park Tower were two properties where Starwood actually owned the building and land so it came along with the acquisition. Marriott just finished selling it off recently since they don't want to own real estate.
Building in Palermo would be difficult for a lot of reasons and Puerto Madero is a good place for a W. But yes, I'm skeptical on 2024, which seems long to begin with. Considering the economy and other issues in Argentina, more likely 2034. Wish it was open now! |
Originally Posted by C17PSGR
(Post 31298099)
But yes, I'm skeptical on 2024, which seems long to begin with. Considering the economy and other issues in Argentina, more likely 2034. Wish it was open now!
I'm still waiting for the St Regis Buenos Aires, slated to open sometime in 2010... |
Darn!! Have to head to BA in Sept and wish there was a W there now too. Good to know that the Sheraton and Park Tower are "dated" as that sets my expectations accordingly. Also it's always nice to be surprised that the visit was better than anticipated too.
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