Marriott International has signed an agreement to operate a $500 million Ritz-Carlton hotel and residences in New York City's NoMad neighborhood.

The hotel will be developed by Flag Luxury Group and will include 250 hotel rooms and 16 branded residences in a 500-foot tower with views of the Empire State Building. Construction on the tower is underway, and the hotel and residences are expected to open in 2021 at Broadway and 28th Street.   

The hotel will include a fine-dining restaurant, club lounge, spa and fitness center, rooftop bar, two ballrooms and a large public garden and open terraces.

"We are thrilled to be working with Flag Luxury Group to bring this significant project to the NoMad area," said Tony Capuano, executive vice president and global chief development officer for Marriott. "Thanks to buzzing restaurants and bars, unique retail and notable architecture, NoMad has become one of Manhattan's most popular neighborhoods."

The deal, he said, "speaks to the strong demand we are experiencing for luxury hospitality and branded residences."

Ritz-Carlton currently operates one hotel in New York City, the Ritz-Carlton New York Central Park in midtown. A property located in the Battery Park City neighborhood earlier this year was deflagged and converted to the Wagner at the Battery, according to reports.

Update: This report was updated July 26 to include information about other Ritz-Carlton properties in New York City.

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