A new property is set to open doors in New York's Times Square in 2023, as Hilton’s newest brand debuts in the Big Apple.
Tempo by Hilton Times Square will be the first under the new Tempo by Hilton flag, adding 661 rooms in one of the city's busiest districts.
The property is opening as part of TSX Broadway, a $2.5 billion, 46-storey tower going up adjacent to Times Square's famed red bleachers.
All rooms in the mid-priced property come with floor-to-ceiling windows facing Times Square, so guests can watch the bustle, entertainment and bright lights from the comfort of their rooms.
“We’re delighted to introduce Tempo by Hilton to the world from the heart of Manhattan,” said Matt Schuyler, chief brand officer for Hilton.
Guests checking in will enjoy direct access to TSX Broadway's stage, the only permanent outdoor stage in Times Square. This interior theatre opens out of the building’s huge sign, where performances will take place 10 metres above the city's streets.
The 36-floor lifestyle hotel puts a focus on wellness and sustainability with signature Power Up and Power Down zones, encouraging guests to get energised for the day ahead, or wind down and relax for the evening.
Select wellness rooms feature Peloton bikes and workout products from Therabody. There's also what Hilton is calling a "hydration station" — most likely a juice bar — and a state-of-the-art fitness centre.
The hotel is also fully equipped for those working on the move. Each room features a Get Ready Zone, designed for easy remote working, and the 11th floor has an open sky lobby that's home to co-working spaces and an outdoor terrace with city views.
Premium culinary offerings include a casual breakfast cafe, the brand's signature coffee bar experience and a Fuel Bar offering a variety of spirit and spirit-free mixed drinks.
Tempo by Hilton to follow in Boston, Seattle and more
First announced in early 2020, Tempo by Hilton is the hotel group's 18th brand. It's described as a stylish, approachable and contemporary lifestyle brand.
“As our newest brand, Tempo by Hilton is designed to create an elevated and innovative stay, with thoughtfully appointed rooms that offer comfort and functionality plus an emphasis on well-being,” said Schuyler. "Tempo by Hilton Times Square will set the stage for a new standard of hospitality in Times Square, for today’s discerning traveller."
Tempo by Hilton hotels are also earmarked to open in Boston, Texas, Seattle, Kentucky and Milwaukee.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
All Black 39-12 British & Irish Lions
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New Zealand 57-0 South Africa
Tries: Rieko Ioane, Nehe Milner-Skudder (2), Scott Barrett, Brodie Retallick, Ofa Tu'ungfasi, Lima Sopoaga, Codie Taylor. Conversions: Beauden Barrett (7). Penalty: Beauden Barrett
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Profile
Company: Libra Project
Based: Masdar City, ADGM, London and Delaware
Launch year: 2017
Size: A team of 12 with six employed full-time
Sector: Renewable energy
Funding: $500,000 in Series A funding from family and friends in 2018. A Series B round looking to raise $1.5m is now live.
The specs
Engine: 2.0-litre 4-cylinder turbo hybrid
Transmission: eight-speed automatic
Power: 390bhp
Torque: 400Nm
Price: Dh340,000 ($92,579
Dunki
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Pad Man
Dir: R Balki
Starring: Akshay Kumar, Sonam Kapoor, Radhika Apte
Three-and-a-half stars
