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Manhattan’s hoteliers are fighting the slump
A look at what three key hotel sectors are doing to stay competitive in a softening NYC market
From the June issue: Manhattan has a hotel room for every budget, whether it’s at a marquee address with $10,000-plus nightly rates or a no-frills establishment on a nondescript side street. But each of Manhattan’s hotel sectors is approaching today’s market, which is softening after a strong run, very differently.
At Manhattan’s toniest white-glove hotels — think the Waldorfs and the Pierres of the city — there are plenty of rooms going unbooked, but owners are keeping their rates sky-high. Meanwhile, according to industry players, the city’s limited-service hotels are slashing their rates in a frenzy to compete. [more]