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NEW YORK CITY-Following its announcement earlier this week that it was franchising two new Hersha Development properties in Manhattan, Hyatt Hotels Corp. said late Tuesday it’s forming a joint venture with Extell Development Corp. on a new luxury property. Park Hyatt New York will be located within Extell’s forthcoming Carnegie 57, a 90-story mixed-use tower going up at 157 W. 57th St.

The JV between a Hyatt subsidiary and Extell will acquire the hotel upon its completion, subject to reaching certain contractual milestones, according to a release from both companies. With a design by Christian de Portzamparc, the 210-key hotel will include meeting facilities, a ballroom, a spa, fitness center and indoor pool as well as 5,000 square feet of retail. Carnegie 57 will also include 135 high-end condominiums.

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