Developers on track to open largest number of new hotels in New York City in decades…
July 9, 2010
2010 is the year of the hotel in New York City. In total, 44 hotels with 7,561 rooms are scheduled to debut this year. The new openings will mark an 8.5% expansion to the city’s room supply.
The New York hotel bonanza is the result of construction projects started two or three years ago when the economy was a touch healthier, financing was easier to acquire, and NY occupancy rates were at historic highs.
This year’s barrage of NY hotels could mean cheap deals in the coming months. Generally, a barrage of new hotels leads to falling room rates as the new hotels scrap for guests. New York hoteliers, however, insist that the new supply will prevent a steep rise in rates but will not lower rates.
Check out the WSJ’s cool interactive map of what’s coming to the market in New York City Here.