Hotels are rising at rapid rates across Downtown Manhattan. Some are calling it the city’s biggest hotel boom ever.
“Overall, the city is undergoing the largest hotel boom in its history, adding over 18,000 rooms since 2010, with another 36,000 rooms in the pipeline and 12,600 of those rooms currently under construction,” Mark VanStekelenburg, managing director of PFK Consulting USA’s CBRE Hotels division, told the New York Post.
He added that the majority of the building is occurring in the Financial District and Lower East Side.
“Lower Manhattan hosted 6,300 of these new rooms, a 28 percent increase, since 2010, with another 10,700 rooms in the pipeline, of which 5,600 are under construction, representing 26 new hotels,” VanStekelenburg said.
According to the Post, the boom began a year ago, when InterContinental Hotels Group debuted the tallest Holiday Inn in the world — the 50-story, 492-room Holiday Inn Manhattan-Financial District at 99 Washington Street. It was followed by the Orchard Street Hotel at 163 Orchard Street, the Q&A Residential Hotel at 70 Pine Street and the Hotel Indigo at 171 Ludlow Street.
“There is a need for significant additional hotel product in Lower Manhattan,” VanStekelenburg said. “The market has historically been underserved by hotel rooms, and the new supply is very broad in product type and brand, resulting in new marketing distribution and access to new frequent guest programs.” [NYP] – Christopher Cameron
Source: The Real Deal