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Marriott's $500M Ritz-Carlton branded hotel project in NY breaks ground

Marriott International Inc. and property developer Flag Luxury Group broke ground on their $500 million Ritz-Carlton branded hotel project in Manhattan, New York.

The Ritz-Carlton New York, NoMad is expected to open in 2021 and will feature 250 hotel rooms and 16 branded residences.

Flag Luxury secured a $250 million senior construction loan and a $65 million preferred equity investment from Atalaya Capital Management for the planned development earlier this year.