TheIntercontinental Times Square
is set to open
in July.
From the March issue: Just as New York City’s painful and protracted hotel sector slump finally seems to be hitting bottom, the industry has a new problem on its hands: It’s about to be slammed with a dramatic increase in new hotel rooms.
Research by The Real Deal and by hospitality analyst HVS found at least 28 new hotels slated to open this year or next. The largest is the more than 600-room Intercontinental Times Square, which is set to debut in July; the smallest is the boutique 56-room Habita Hotel on the High Line on the West Side.
Meanwhile, another nine are in the works with unknown completion dates. Smith Travel Research estimates the increase of rooms in New York at
5.1 percent, while PKF senior vice president John Fox puts the increase
at a possible 8 percent, with 5,000 to 6,000 new rooms set to be added
to Manhattan’s roughly 72,000 existing rooms available per night. The
jump, Smith estimates, is the largest annual increase in hotel supply
in Manhattan since 1987, the year the firm set up shop. [more]
