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Committee clears Union Square Hyatt corporate change with existing stipulations to remain
Summary
Hersha Hospitality’s corporate restructuring of ownership for the Union Square hotel was presented as an indirect ownership change; committee members said operations and MO remain the same and asked for re‑signed stipulations previously agreed to in 2016.
Representatives for the Union Square hotel (Hersha Hospitality / HHLP Union Square Associates) told Community Board 2’s Liquor License Committee the pending corporate ownership change is indirect and will not alter the hotel’s operation or the hotel’s food and beverage operator.
Donald Bernstein said the corporate parent is changing but the management team, food and beverage operator and on‑site operations will remain unchanged. He told the committee the majority of new investors are institutional (public pension funds, university endowments and other institutional investors) and that the officers and directors controlling hotel operations remain the same.
Why it matters: corporate changes can trigger new community agreements or re‑authentication of existing stipulations. Committee members asked for the standard procedure — a signed copy of prior stipulations — to be re‑submitted under the new corporate name.
Committee request and outcome Bernstein said the 2016 stipulation and MOU remain applicable; committee members asked for a signed, up‑to‑date stipulation from the new corporate entity. The representative agreed. The committee indicated it would accept the corporate change subject to the re‑execution of the stipulation documents already on file.
Ending: staff and applicant agreed the operator would forward the existing documents to the committee; no operational changes were proposed and the committee’s recommendation will reflect re‑signed stipulations.
