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HYATT HOTELS CORPORATION is to introduce the luxury Park Hyatt brand to New York.
Due to open in 2012, Park Hyatt New York will be housed in a 90-story mixed-use tower with views of Central Park.
Steve Haggerty, global head of real estate and development for Hyatt, said the new hotel would be a "milestone" for the growth of the Park Hyatt brand.
"New York is such a critical market," said Haggerty, as it is "one of the world's greatest business, financial and cultural centres".
Located at 157 West 57th Street, near Carnegie Hall, the new-build hotel will be designed by Pritzker Prize-winning architect Christian de Portzamparc.