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Those wondering what it's like to stay in a 1.8 million dollar hotel room are set to have the chance in the US, as Hyatt Hotels announce the investment of $375 million into the 210-room Park Hyatt New York.
French architect Christian de Portzamparc has been commissioned to design the hotel, which will feature views of New York's Central Park. Hyatt will become part owners of a new 90 storey mixed-use tower, which will also include luxury apartments and 450 square metres of shops.
The massive per-room investment made by Hyatt is being done in order to quality for the coveted 5-star rating from the American Automobile Association, which issues star ratings to hotels in North America.
There are only a handful of 5-star hotels currently in New York, with the Park Hyatt aiming to be the first built since 2003. High property, staff and maintenance costs make reaching the 5-star mark an unaffordable choice for many hotels, even high-end venues like the Manhattan Hilton.
The AAA conducts unannounced inspections into hotels seeking an evaluation, and must receive "an unmatched level of comfort" for five stars to be awarded.
The $375 million investment being made to achieve the five-star rating ensures the Park Hyatt will be the most expensive hotel in New York, no small feat for one of the worlds priciest cities.