The Grand Hyatt New York re-opens November 1 but with a new name: Hyatt Grand Central New York. It will no longer be a Grand Hyatt. And it is losing the best thing about the property, too.
The hotel was scheduled to be demolished before the pandemic, but is re-opening to avoid massive costs for the employees it laid off last year. Put simply, it makes sense to bring back 25% of employees and operate the hotel rather than paying out $15,000 per worker.
Hyatt tells me they’re still planning to tear down the property, it’s just not clear when that will happen.
Hyatt continues to collaborate with TF Cornerstone and RXR on this important project. As we have communicated, this potential redevelopment deal is complex and requires many local and state approvals and necessary financing before finalizing a deal and moving ahead with any project. The process of obtaining those approvals and financing is still underway. Further details regarding the proposed redevelopment and financial structure will be shared as soon as they become available.
The hotel has a fantastic indoor and outdoor club lounge space. It’s really the unique selling proposition of the hotel for any Globalist member. Unfortunately, the club lounge is no more. When the hotel re-opens next month, there will no longer be one.
The hotel will be a category 5 for redemptions. There’d be a use case if it were a category 4 (category 1-4 free night certificates from credit cards, staying 30 nights a year, or reaching brand milestones).
The Grand Hyatt hotel was Donald Trump’s first big development in Manhattan. It’s been through several rounds of renovations. In the early 2000’s it was fairly run down, but I could regularly Priceline it for about $75. Hyatt Stay Certificates used to be an amazing value here, too, I once booked 22 rooms nights at $169 all-in when the rate was running $469 to $519 per night plus tax. Once again I’d say stay here only if it’s really cheap.