NEW YORK CITY-It's a bird! It's a plane! No wait…it's Marriott International's newest hotel, and it's the tallest property not just in New York City and across North America but in the Western Hemisphere.

The 68-floor tower also is unique in that it's a combined Courtyard by Marriott and Residence Inn, the first joint hotel—or what Marriott calls a “two-pack”—in the city. The $340 million property, unveiled Tuesday during a ribbon cutting ceremony, features 378-rooms at 1717 Broadway, in the heart of Midtown at 54th street.

For developer and owner Harry Gross—who purchased the site for $32 million back in 2001, and subsequently amassed air rights to develop the 100x100 foot site vertically—creating a two-pack affords many advantages.

"It gives us two reservation systems, so instead of trying to fill 639 rooms, we can do almost half-and-half of both,” he said. “We have a restaurant for both properties and full-floor fitness center for both properties, so there's a lot of infrastructure savings. Plus with the smaller footprint, we're using less energy so it's a more green approach."

"It's an extraordinary jewel,” added Arne Sorenson, president and CEO of Marriott. “New York has seen significant hotel room supply growth, and as inventory has grown, occupancy has as well. That's the miracle of New York City."

Supply growth shows no sign of slowing down either, noted Fred Dixon, interim president and CEO of NYC & Co.; the city's tourism organization. "Hotel development is robust in every corner of the city; we will have 100,000 rooms by year end. Occupancy was among the highest in the nation last year and we will have sold one million more room nights in 2013 than in 2012. Tourism is functioning on all cylinders."

The new mayoral administration plans to take full advantage of that, noted Kyle Kimball, president of the New York City Economic Development Corp. "This hotel will bolster our status as a magnet for tourism. Part of our agenda to make sure the construction and hotel industries are strong."

Instant Insights /

Miracle On 54th St.: Marriott Opens Western Hemisphere's Tallest Hotel

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