Gary Barnett's plans for his high-profile skyscraper in Times Square have passed another milestone. Hyatt Hotels has been officially presented as hospitality partner to Extell Development Company for the tower scheme at 740 Eighth Avenue. With this agreement, the StandardX hotel brand makes its debut on the North American continent.
The announcement of the anchor tenant for the 60-storey major development follows hot on the heels of the closing of a substantial financing package. Only in September, Extell secured 1.25 billion dollars in construction financing led by J.P. Morgan for the project.
Architectural profile and planned space allocation
The concept for the tower known as The Torch was first unveiled to the public in March 2024. The design by architectural practice ODA is characterised by a stem-like base and a spirally folded crown, intended to make a futuristic addition to the New York skyline. Alongside the hotel operation, the scheme comprises extensive entertainment and advertising spaces.
- —An 1,800-room hotel under Hyatt's StandardX brand, set to be among the largest in the metropolis
- —Around 130,000 square feet of integrated advertising space and 94,000 square feet for food and beverage
- —Three observation decks and an amusement attraction approximately 250 feet tall
Ari Alowan Goldstein, Senior Vice President at Extell, stated that the StandardX team shared the vision of creating extraordinary places. Together, the partners intend to bring new energy to Times Square. StandardX is a more accessible offshoot of Hyatt's well-known Standard brand, which currently operates its first flagship location in Melbourne, Australia.
Financial metrics and construction progress
According to filings with the Tel Aviv Stock Exchange, Extell Development expects The Torch to generate an annual net operating income of between 250 million and 270 million dollars following stabilisation. The 40-year franchise agreement with Hyatt also includes an additional 60 million dollars in project financing, according to earlier reports. A further 15-year partnership for restaurant operations has not yet been named publicly.
Construction of the tower is progressing as planned. According to reports by New York YIMBY, roughly half of the storeys have already been completed at the site on Eighth Avenue between West 45th and West 46th Street. The hotel will operate as StandardX Times Square at the address 255 West 45th Street.
