Gary Barnett\u2019s plans for his Times Square supertall, known as the Torch, just hit another milestone.<\/p>\n
Hyatt Hotels<\/a> was named Extell Development\u2019s official hospitality partner for the 740 Eighth Avenue tower on Wednesday, in an announcement that heralded the North American arrival of Hyatt\u2019s StandardX<\/a> brand. The announcement of the hotel anchor at the future 60-story project comes on the heels of Extell securing a $1.25 billion construction financing package<\/a> led by J.P. Morgan<\/a> in September.<\/p>\n SEE ALSO: Wells Fargo Provides $82M Construction Financing for Oakland Affordable Housing<\/a><\/p>\n Barnett\u2019s plans for the Torch were unveiled in March 2024<\/a>. The Oda-designed tower\u2019s stemlike column and spiraling, pleated crown marked a bold, futuristic addition to a skyline historically shaped by more conservative architectural tastes. The sculptural supertall calls for a 1,800-room hotel \u2014 among the city\u2019s largest, and officially the domain of StandardX \u2014 as well as 130,000 square feet of advertising space, 94,000 square feet of food and beverage space, three observation decks and a 250-foot amusement ride.\u00a0<\/p>\n \u201cThe StandardX team shares our vision for creating places that stand apart, and together we\u2019re bringing a new energy and perspective to Times Square,\u201d Ari Alowan Goldstein, senior vice president at Extell, said in a statement.<\/p>\n Extell expects the Torch to generate a stabilized net operating income between $250 million and $270 million each year, according to Tel Aviv Stock Exchange filings. Previous filings indicated Extell\u2019s 40-year franchise deal with the then-unnamed Hyatt included $60 million in additional project financing, according to The Real Deal<\/a>. A second partnership at the Torch, this one a 15-year restaurant deal, remains undisclosed.<\/p>\n Extell has already finished roughly half of the stories at the Eighth Avenue site between West 45th and West 46th streets, according to New York YIMBY<\/a>. The tower shares an address with 255 West 45th Street, where the StandardX Times Square will be located, according to the Wednesday announcement. The hotel brand has been described as a simpler, more accessible offshoot of Hyatt\u2019s Standard brand, and currently operates one flagship location in Melbourne, Australia.\u00a0<\/p>\n