Cornerstone Awards Kimpton Management Contract of The MUSE, NYC
SAN FRANCISCO, CA, February 21, 2006. Kimpton Hotels & Restaurants Group, LLC, the leader in the boutique/lifestyle hotel segment, today announced its new management agreement for The MUSE Hotel, located in New York's enviable Times Square. This marks the second New York hotel in the impressive Kimpton portfolio with the 2004 addition of 70 Park Avenue. To elevate the property to Kimpton's signature brand style, services and amenities, the MUSE will continue to operate as a full-service hotel while it embarks on a $5 million enhancement project.
Kimpton Hotels was awarded the management contract of The MUSE by Cornerstone, an indirect, wholly owned subsidiary of the MassMutual Financial Group, which manages more than $5 billion on behalf of a number of major public and corporate pension funds, endowments, foundations and union funds, as well as MassMutual. "We are pleased with Kimpton's management of two other hotels we own, The Hotel Marlowe in Cambridge, Ma., and The Serrano in San Francisco, Ca., and we look forward to working together on The MUSE," said Cornerstone Chief Executive Officer Dave Reilly.
Playing off the pulse of Times Square and the lights of Broadway, The MUSE provides guests a place to "stay inspired" in New York City. Favored by many icons of fashion, music and entertainment, the AAA Four Diamond hotel is on the cutting edge of guest service, from arranging lessons with the Rockettes and American Ballet Theatre to themed pajama parties and shopping with fashion models.
Honored as one of Travel Channel's "Great Hotels," The MUSE blends comfort with creativity, service with style and logic with luxury.
"New York has been a key target market for Kimpton, and The MUSE's premium offerings and ideal Times Square location provide a welcome alternative to the larger conference hotels or trendy, yet non-functional, boutiques in this area," said Joe Long, Kimpton's executive vice president of acquisitions and development. "The combination of Kimpton's management expertise and the quality features of The MUSE, will undoubtedly attract consumer interest while also attempting to provide superior returns to our investors," added Long.
"Our strategy of taking over existing hotels in desirable locations, to reposition as a Kimpton property, is something the Kimpton Hotels & Restaurants will continue to pursue as opportunities arise," said Tom LaTour, Chairman & Chief Executive Officer.
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