NEW YORK CITY-Chesapeake Lodging Trust of Annapolis, MD reports it has entered into a franchise agreement with a Hyatt affiliate to convert its current property Holiday Inn located at 30-32 West 31st St. to the Hyatt Herald Square in the third quarter of 2014.

Conversion of the property is expected to occur following the completion of a $6-million renovation. Property operation will close throughout the renovation project, which is expected to begin in August and conclude by the end of September 2014.

James L. Francis, Chesapeake Lodging Trust's President and Chief Executive Officer, states, “We are very pleased to expand our relationship with Hyatt, by way of up-branding the hotel to the upper-upscale market position in the vibrant midtown area of Manhattan. Hyatt Herald Square will mark our sixth Hyatt property in our growing portfolio of high-quality assets throughout the key markets of North America.”

Paul Vega, founder of VLDG designs of New York, is developing the design plans. The plans include an all-inclusive renovation to each of the 122-guestrooms with custom furniture pieces, new soft goods and seating and extrinsic art influences from the local region. The first floor will be transformed into an intimate upscale lobby and food and beverage experience with gathering spaces.

“We are happy to be working with Chesapeake Lodging Trust to be adding our eighth Hyatt-branded hotel in Manhattan to the energetic Herald Square neighborhood,” states Mark Chase, vice president, real estate and development for Hyatt Hotels & Resorts. “Hyatt Herald Square will offer travelers and city explorers modern boutique accommodations in this vibrant midtown neighborhood and proximate to the fashion district.”