A Manhattan neighbourhood in New York known for its boutique hotels will soon be home to a classic luxury brand.

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Flag Luxury Group has signed a deal with Marriott International to develop a Ritz-Carlton hotel at 28th Street and Broadway, near the Ace Hotel New York and the NoMad Hotel.

The project is expected to cost more than US$500 million, according to a statement from Marriott, and will feature 250 hotel rooms and 16 branded residences in a 500-foot (150-metre) tower designed by architect Rafael Vinoly.

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The property was connected to the Ritz-Carlton brand in news reports last year, although the deal was not finalised until this month.

Flag, run by the couple Dayssi and Paul Kanavos, owns four Ritz-Carlton hotels in Florida, according to the company’s website.

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The New York hotel is expected to open in 2021.

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