WTC developer announces construction of city's tallest hotel tower

The developer behind some of the skyscrapers at World Trade Center announced Wednesday it is creating the city's tallest hotel and residential building in lower Manhattan.

Silverstein Properties, which is developing four of the World Trade Center buildings, got $950 million in financing from British firm The Children's Investment Fund Management for the 82-story tower at 30 Park Place that will include a Four Seasons hotel.

The building will have 185 hotel rooms and 157 luxury residences.

"It will join and enhance a world-class neighborhood that is already home to a dynamic blend of modern office towers, private residences, high-end retail and dazzling public spaces," Silverstein CEO Larry Silverstein said.

Construction will begin in the fall and it is slated to open in 2016.