For all the hotel projects that have risen in the city over the past few years, one sector has been underserved, experts say: extended-stay lodging. The Wall Street Journal reported that developers are finally beginning to work to fill that void.
Of the 70,000 New York City hotel rooms in 260 properties, just 3,700 rooms across 20 buildings are geared for extended-stay travelers. Longer-term travelers covet such rooms for the convenience of kitchenettes and living rooms that make them feel more like apartment dwellers.
Residence Inn is heeding that call with 715 rooms planned across three projects, including one that’s part of a 68-story tower at 1717 Broadway. It’s also flagging a 211-room project on East 48th Street at the former Helmsley Middletowne Hotel and a 245-room property scheduled for 170 Broadway by a partnership of Highgate Hotels, Carlyle Group and Tribeca Associates.
While the Journal noted that there are still plenty of traditional and boutique hotels in the pipeline, those markets may be getting saturated. But there’s room to grow in the extended-stay sector at both ends of the price spectrum. [WSJ]