The developer Jon Lam is arranging a deal to significantly increase the size of a hotel project he is planning to build on Broadway between 29th and 30th streets.

Starwood Hotels & Resorts said it will open its fourth Four Points by Sheraton hotel in the Financial District in 2013 under an existing development agreement with the Lam Group.

Four Points by Sheraton Financial District is scheduled to open in the summer of 2013, just four blocks from Wall Street. The newly constructed hotel is the eighth Starwood property developed by the Lam Group and will offer 264 comfortable and stylish guest rooms and suites, plus all the amenities guests need to travel the way they like for a great price.

Hotel developer the Lam Group has gone into contract to buy two buildings on Broadway at 30th Street from Mocal Realty for $72 million, possibly for a new hotel development, Real Estate Weekly reported.