From the March issue: Tourism is back, and lenders are eyeing hotels more favorably as a result. In 2010, a record 48.7 million visitors traveled to New York City. These visitors spent approximately $31 billion during their visits to the Big Apple, according to estimates by NYC & Company, the city’s official marketing and tourism organization. To catch some of those tourist dollars, more than 36 hotels opened in New York last year. In addition, there are at least 26 new hotels in line for construction. Concurrently, financing for the hospitality asset class — which was in the doghouse with lenders just a few years ago, ranking as their least favored sector — has improved for both hotel owners and developers. [more]
