N.Y. Hotels: Wall St., Times Sq., Elsewhere

<B> N.Y. Hotels: Wall St., Times Sq., Elsewhere</B>

By Robert Selwitz

Having powered much of the current hotel boom, Wall Street will soon get its very own hotel. Ironically, the lower Manhattan street that has come to symbolize U.S. business clout has never been a lodging site, but that will change come August, when the 144-room Regent Wall Street opens.

The Regent will occupy the landmarked, 157-year-old Merchant's Exchange, which is generally regarded as an architectural masterpiece. The Exchange--occupying the block bounded by Wall, William and Hanover streets and Exchange Place--most recently was the headquarters of First National City Bank, Citicorps' predecessor.

Shuttered for many years, the lower portion of the building re-opened in 1997, housing a catering operation in the five-story, 34,000-sq.-ft. Great Hall. One of New York's most impressive function sites, it has remained bookable during construction and will continue to be available for rental once the hotel opens. But now the real focus is on the five floors of rooms, priced for upper tier executives who need not worry about $600 room night charges appearing on their expense reports.

According to John Fox, senior vice president of PKF Consulting, while the Wall Street hotel likely is a first, others may follow, if not actually on the street then very nearby. He pointed to a 40-story, 300-room high rise at Liberty and William streets, where the first 14 floors could be a hotel; and a rumored Holiday Inn or Holiday Inn Express at Gold and Platt streets.

"Of course," he said, "there's also the 561-room Millennium Hilton, 504-room Marriott Financial Center and 820-room Marriott World Trade Center; and the 400-room Embassy Suites and recently announced 250- to 300-room Ritz-Carlton that will be built in Battery Park."

The Regent's prime assets include some of the city's largest hotel rooms, with dimensions ranging from 525 to 950 square feet. As befitting one of America's priciest hotels, rooms also feature living- room-size marble bathrooms, 36-inch flat screen televisions, silent fax machines and refrigerators pre-stocked with a gratis collection of a guest's pre-arranged choice of goodies. The hotel is costing $80 million to redesign.

And there are plenty of other Gotham hotel developments involving less-than-luxury properties. For starters there is The Time, a 164-room, 28-suite boutique hotel, just off Times Square. The Time is an extraordinary symbol of the area's rebirth since, until recently, the idea of a boutique property in what was once a scruffy sector would have been unthinkable.

Beyond its central location, the hotel is targeting those for whom color coordination and au courant design are important factors. Designer Adam D. Tihany reported that each guestroom will embrace a primary color. "The idea is to truly experience a color," he said.

Five blocks south on 44th Street, another upscale entry, the 22-story, 120-room Premier--companion tower to the Millennium Broadway--debuted in February. Gratis breakfast is part of what Premier guests receive in exchange for rates nestled in the $400-plus range.

Times Square upscaling also is evident at the Iroquois Hotel. There, a $13 million renovation is elevating the 114-room property from the budget to midscale level. In addition to room upgrades, a full scale restaurant was installed, and rates have risen from $129 to at least $275.

Still under construction, but expected to have a very high profile, is a 455-room Doubletree running from 41st to 42nd Street, between Seventh and Eighth avenues. The 25-story hotel, essentially starting 13 floors above what was once Times Square's most notorious byway, is part of a $290 million project that includes retail stores, restaurants and a movie complex. It will be virtually opposite the 860-room Westin at Times Square now being built on 42nd Street.

As for tidings outside Times Square, the $65 million renovation of the Park Central Hotel is nearing completion. While reducing its room complement from 1,269 to 1,055, the property is targeting the $200-plus per room night sector.

In other news, Starwood Hotels and Resorts has purchased the Essex House--formerly operated by Nikko Hotels--which now will fly the Westin flag. Starwood also announced it will manage the new Planet Hollywood Hotel in Times Square, which is set to debut late next year. Starwood sources expect the name of the 562-room property to include a tag line such as "Planet Hollywood, a Sheraton Hotel.