Super Bowl Sells Out for Loews Regency After Revamp
The Tisch family, co-owners of the National Football League's New York Giants, have reason to celebrate even though their team won't make the playoffs. The yearlong renovations at their luxury Loews Regency Hotel New York are being completed in time for the Super Bowl.
All 380 rooms at the Park Avenue property, which is set to open next month after a $100 million revamp, are booked for the weekend of Jan. 31 through Feb. 2, the day the championship game will be played across the Hudson River in New Jersey.
"We've been getting a lot of interest in the hotel," said Jonathan Tisch, co-chairman of New York-based Loews Corp., which owns and manages the Regency through its lodging unit. "We anticipate we'll get good returns on our investment."
Loews, an insurance and energy holding company founded by the Tisch family, is wrapping up the project at a cost that ballooned from an initial estimate of $35 million six years ago. The overhaul, which included gutting the 50-year-old Regency's rooms, corridors and lobby, is part of the company's plan to build up its hotel division. It also will enable Loews to charge higher rates at the property, the landlord's only hotel in New York City, when it reopens on Jan. 16, Tisch said.
"The investment is based on the importance of the property to the entire Loews chain," he said in a telephone interview. "It is our flagship hotel, and as such represents the entire company."
All the furniture, carpets and decorations were removed, and much of it was donated to victims of Hurricane Sandy, which hit the region in October 2012, Tisch said. Loews replaced the hotel's windows and rebuilt the lobby, which now features a lounge area with beverage service. Some suites were divided to raise the room count to 380 from 354.
"We kept nothing at all," Tisch said. "I've grown up in this hotel. It needed an update."
The makeover will increase demand for the Regency and allow Loews to charge more for its rooms, including around the time of the Super Bowl as football fans cram into the area, according to Tisch. The game will be played at MetLife Stadium in East Rutherford, New Jersey, the Giants' home field. The team was eliminated from playoff contention last week.
Tisch, co-chairman of the 2014 Super Bowl Host Committee, declined to say how much guests are paying to stay at the Regency on the sold-out days, and prices are unavailable on the hotel's website. Rooms on the Thursday before the Super Bowl start at $989. Rates on opening night, Jan. 16, range from $519 to $2,649 for a suite, according to the website.
Across Manhattan, a hotel room costs an average of $418.93 for Thursday, Jan. 30, through Monday, Feb. 3, up 64 percent from the corresponding weekend this year, data provided by Orbitz Worldwide Inc. show. Hotels near La Guardia Airport in Queens have New York City's biggest jump, more than doubling to $307.58 on average, according to the Chicago-based travel-services company.