Hotel chain Riu Hotels plans to build its third New York City hotel at the site of a vacant office building along Broadway. The property, located at 1708–1710 Broadway, was acquired for $172.8 million by Riu Hotels affiliate Broadway PT 1710 LLC. The 52,000-square-foot office building would be demolished to make way for the new tower. Riu Hotels purchased the property from Extell Development who planned to build a 54-story hotel at the site.   Riu is seeking approval from the city to build a 50-story hotel with more than 670 rooms. Reto Stoeckenius is the director of the expansion team at Riu Hotels.   

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