Starwood’s W hotel chain this month will add another name to its list of New York City hotels, following the loss of two hotels this spring.

The newest member of the club is the 58-story, 217-room W New York – Downtown, which is poised to check in its first guests on Aug. 16.

Expect to see power brokers wining and dining each other BLT Bar & Grill. The hotel’s bar scene will have both indoor and outdoor options, with a terrace that boasts magnificent city views.

So what’s it going to cost you? Rates start at $399 a night on weekends and $529 midweek.

The W near Wall Street is just one of the many new hotels open or about to open in Manhattan. The InterContinental Times Square opened this week, while Hyatt’s Andaz 5th Avenue – the more W-like of the two – opened last month. Back in April, two of Starwood’s five Manhattan hotels – the W The Court and W The Tuscany (now St Giles Hotels) – dropped the W name.