The Lam's Group had originally planned to build a 250-room Sheraton Four Points Hotel on the site at West 40th Street and Eighth Avenue. Now it will also build a Marriott Fairfield Inn adjacent to the Sheraton. The hotels will share a rooftop restaurant and lounge. Construction is expected to begin before the end of this year, and the hotels should open in 2007.

Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT), the largest hotel operator in Manhattan, has opened its first mid-priced property in New York City - the Four Points by Sheraton Manhattan Chelsea.