Soho Properties, in association with MHP Real Estate Services and international hotelier Hampshire Hotels Management, is moving forward with its plans to develop a new hotel at Times Square in New York, US.

As part of the development plan, which is valued at over $300m, the companies have acquired 560 Seventh Avenue and will build the hotel as part of a mixed use project.

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The property, which previously housed the Parsons School of Design and the Garment Center Congregation, is located at the gateway to Times Square.

The companies will collaborate with hospitality firm Hampshire Hotels Management to jointly build the luxury Dream Hotel, while the site will also include a 20,000ft² luxury shopping experience.

Soho Properties chairman and CEO Sharif El-Gamal said "We are thrilled to complete this acquisition with the addition of our partner Hampshire Hotels, and begin the process of creating a brilliant, cutting-edge hotel that will bring a new level of excitement and luxury to the southern edge of the Times Square neighbourhood."

"The property will be completely re-imagined and will be a terrific addition to perhaps the most visited area in New York."

MHP principal/COO David Sturner said, "The property will be completely re-imagined and will be a terrific addition to perhaps the most visited area in New York."

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The Dream Hotel brand is a boutique hotel collection featuring ultra-modern destinations in major cities internationally and in the US.

Hampshire Hotels Management president and CEO Eric Danziger said that the southern end of the Times Square District has transformed into a formidable business corridor.

"The partnership with Soho Properties and MHP, and their vast and unique experiences, combine for a truly magnificent project and product," Danziger added.