Caspi Development has topped out of 456 Greenwich Street in Tribeca, the future home of the Hotel Barrière Le Fouquet’s New York.

Managed under the Groupe Barrière brand, the property will have 96 guest rooms and suites. Situated between Desbrosses Street and Washington Street, the eight-story hotel will feature several food and beverage destinations, a private spa, swimming pool, an interior courtyard, screening room, and board rooms.

“The topping out of 456 Greenwich Street represents a culmination of six years of tireless work by all involved, and it is our aspiration that the property will serve as a beacon of hope to the future of the city,” said Joshua Caspi, principal of Caspi Development.

“As a flagship of the esteemed Groupe Barrière brand, the hotel will open as one of the finest hospitality destinations in New York.”

The first hotel in the U.S. under the Barrière brand, Hotel Barrière Le Fouquet’s New York topping out was marked by a socially distant event hosted by Caspi Development and Groupe Barrière to express gratitude for the project team including AECOM Tishman, construction manager; Stephen B. Jacobs Group, architect; Martin Brudnizki Design Studio, interior design; Cameron Engineering; and Lehrer Cumming, owner advisor.

Groupe Barrière operates casinos in France, Switzerland and elsewhere in Europe. The group also operates in the French luxury hotel industry and in the catering and leisure industries.

“We congratulate Caspi Development on this important milestone for Hotel Barrière Le Fouquet’s New York at 456 Greenwich Street, which reinforces the continued and unwavering commitment to the future of New York that both our companies share,” said Dominique Desseigne, chairman & CEO of Groupe Barrière. “We are delighted to be part of this project and very much look forward to the opening next year.”

Also recognized for their contributions to the development were Hana Financial Investment, DPW Holdings, APW, Ponte Equities, and Barone Management.

The topping out comes as Manhattan emerges from a doomsday year at the hands of the COVID pandemic.

According to PwC’s 4Q 2020 Manhattan lodging index, declines in occupancy and revenue per available room (RevPAR) continued to accelerate across Manhattan during the fourth quarter, as the COVID-19 pandemic curbed both holiday tourism and commercial traveler demand to the city.

With tens of thousands of rooms temporarily closed, business and international travel all but suspended, and leisure demand drivers severely restricted, fourth quarter RevPAR experienced a year-over-year decline of 85.2 percent.

As of December 2020, 18 hotel properties consisting of 5,976 rooms in Manhattan were reported to stay closed permanently. This represents a 121 percent increase in the number of permanently closed rooms compared to the second quarter of 2020.

During the second half of 2020, 11 hotels permanently closed in Manhattan, including the 1,015-room Roosevelt Hotel, 876-room Hudson Hotel, 480-room Novotel Times Square, 460-room Hilton Times Square, 196-room Salisbury Hotel, 132-room AKA Wall Street, 109-room Marmara Manhattan, 102-room Best Western Bowery Hanbee, 100-room AKA Tribeca, 95-room AKA United Nations, and 60-room Comfort Inn Manhattan Bridge.

Nevertheless, according to the city’s official tourism agency, NYC & Company, the hospitality industry is planning for the addition of an estimated 17,000 rooms in at least 110 new developments over the next 12 to 18 months.

New hotels are slated for all five boroughs, with half of the new development occurring outside Manhattan in Brooklyn, Queens, the Bronx and Staten Island.