Monday, October 7, 2013

New Hotel Developments Bet on City's Economy, Tourism

Looking for room at the inn? It'll be getting easier... New York is experiencing its biggest hotel expansion in a generation, attracting a host of developers betting that the good times will continue to roll. The number of new hotel rooms in Manhattan is expected to rise about 10% to more than 90,000 by the end of 2014. Manhattan's expected hotel growth tops the U.S. by a wide stretch and is more than double the rate of the next fastest-growing major markets, Miami and Washington. Here's a quick round-up of new hotels currently in the works.

The surge in new Manhattan hotel developments—ranging from luxury names such as SLS Hotel New York to brands like Best Western—is part of a revival in the hotel industry.

 It also reflects New York's pull as a global business center and tourist Mecca that is recovering from the economic downturn faster than most cities.

With the transformation of Times Square to the north complete and new, mixed-use developments like Manhattan West and Hudson Yards to the south and west beginning construction, the Garment District, sandwiched between these two areas, is in the middle of an identity change.

Hotel development is steamrolling through the area. Within the past year hotels such as The Refinery, Springhill Suites by Marriott, and Hyatt Place have opened their doors, and there will be many more joining them soon.

Here's a quick round-up of some new hotels currently in the works:

42-Story Hotel
Hidrock Realty is currently in design phase for a 42-story luxury hotel to be built at 59-61 West 36th Street. A parking garage currently occupying the site is in the process of being demolished.

Even Hotel
The second NYC outpost for Even Hotels will be opening at 321 West 35th Street in 2015. The new hotel will have 150 rooms over 25 floors.

Fortuna Hotel
The Fortuna Realty Group is currently in the pre-development and design phase for a 170-room luxury boutique hotel at 25 West 38th Street. Amenities will include a spa, rooftop bar and lounge, and an observation deck.

Le Soleil Hotel
The Le Soleil brand is making its first move into the New York market with a 160-room luxury hotel scheduled to open in January 2015 at 38 West 36th Street.

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