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Birth Of A Hotel: And Then There Was One
This isn't an entirely shocking development. Capella's hotels are typically much smaller than the 214-room New York property, and hotel rebrandings are a relatively common occurrence.
"Our entire team worked diligently to establish The Setai as one of the premier luxury hotels in New York City in a location that was not considered part of the traditional luxury hotel corridor," says Horst Schulze, chairman and CEO of Capella, in a statement printed on GlobeSt.com. "Additionally, we were able to create an atmosphere and reputation that led to residential real estate sales for the owners."
The New York property was the second Capella hotel in the United States. The $200 million Capella Telluride, which opened at the very beginning of the economic downturn in 2008, closed in 2011 and was later re-opened as Hotel Madeline Telluride.
Never fear, however. Capella is rumored to be scouting other United States locations following the opening of Capella Washington D.C., Georgetown in early 2013, as well as an additional location in a major European city.
As for NYC, Schulze says, "New York City remains a prime location for the Capella Hotel Brand" and looks forward to "announcing our return in the near future."
Capella Washington D.C. managing partner Bruce Bradley says that he is optimistic about the growth of the brand, stating, "We're big relationship investors ... the concept [Capella has] is one that has the potential to be the leading hotel brand in the world."
"The Birth of a Hotel" is a Gadling-exclusive series that details what happens as a hotel prepares to open. Follow along with the articles and updates at "The Birth Of A Hotel" page, here. We'd also love to hear from you, our readers. If you have a topic about hotel development or trends that you'd love to see explored, email us or leave a comment below.