Quadrum Global is planning a 26-story, 500-key hotel in the Garment District, The Real Deal reports.

The firm partnered with hotelier Sam Chang to buy the site, located at 351-353 West 38th Street. Each firm paid $56 million for the space. They plan to share the site, with each company constructing its own hotel.

Construction on Quadrum’s hotel is scheduled to begin next year, although no plans have been filed yet with the city’s Department of Buildings. Quadrum hired Jonathon Marvel’s Marvel Architects to design the building. Its intended audience is the “21st-century businessman traveler,” Quadrum CEO Oleg Pavlov told The Real Deal. Pavlov expects that the proliferation of office buildings in Hudson Yards will fuel demand for a more modern hotel experience than many other hotels in the Garment District offer.

Chang’s plans for its piece of the development remain unclear.

The project is the latest in a string of recent hotel construction announcements in the area. Hudson Yards’ development is not only changing the immediate neighborhood; it is creating ripples across Manhattan.