The hotelier will next year launch a property with 669 rooms of 170 sq ft each, marking the first time the Yotel chain has ventured outside its existing international airprot locations.
The group is also claiming its new venture as the largest hotel opening to hit New York during 2011.
Yotel Times Square – at 42nd Street and 10th Avenue – will be part of Related Company’s 1.2m sq ft, 60 storey Leed-Silver complex, which will include residential units and the Frank Gehry-designed Signature Theatre.
Woodroofe said: “Yotel will bring a unique mix of fun, excitement and luxury to New York and all at an affordable price. Yotel has a fantastic energy about it which New York’s 44m visitors a year will love.”