"Frank Fusaro, of Handel Architects, embarked on a historical reclamation mission of sorts when he took on the job of designing the new Dream Downtown hotel now taking shape in Chelsea with its distinctive punched-out porthole windows"(Rubenstein). Now a developer by the name of Sant Singh Chatwal is converting the annex into a $230 million, 316-room hotel scheduled to open this spring.
After Mr. Chatwal bought the annex for $70 million in late 2007, Mr. Fusaro designed the plan to cover the building in stainless steel tiles fabricated in Kansas City with a special-made coating dubbed the Dream Finish: "it's polished enough to reflect the blues and whites from the sky overhead, but not so reflective as to mirror passersby" (Rubenstein).
In today's recession, consumers are seeking high quality hotels for lower prices. This annex that Mr. Chatwal purchased will prove to fit that standard. He turned the old hotel into a $230 million, 316-room hotel. The hotel industry has been a very competitive industry lately in the United States. Companies differentiate themselves from each other by having different promotions, offering special rates, and basically become the best they can be. For this key industry player, after purchasing the annex for $70 million, he has invested a lot into the annex in hopes of achieving big things in the near future when it becomes operational.
http://online.wsj.com/article/SB20001424052748703708404575586591685653962.html#articleTabs%3Darticle
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