Marriott recently announced the purchase of W New York – Union Square. The company paid $206 million for the 270-guestroom property, with intentions to transform the hotel into a better representation of the W brand.

The 20-story property at 201 Park Avenue South features Beaux Arts architecture, great views of Union Square and a historic past. The building first opened in 1911 as the Guardian Life Insurance Company of America headquarters, becoming W New York – Union Square in 2000.

When renovations are finished, Marriott promises a new signature spa, expanded restaurant and next-level design.

“There’s no better place than New York City to reveal to the world the future of our W Hotels brand, so we’re tremendously excited about this acquisition and the unique opportunity that it presents for our reinvention strategy,” said Arne Sorenson, president and CEO, Marriott International. “When W was launched as a single hotel in New York 21 years ago with ground-breaking design and a bold approach to nightlife, it pushed the boundaries of how people thought about a hotel. Given how much travelers crave these types of experiences today and the brand’s global reach, we see limitless potential for the W brand with hotel owners and developers, travelers and locals.”