The Jumeirah Essex House

From the May issue: Those who have invested in New York City hospitality in the last few years are likely sitting pretty with revenue per room, hotel occupancy and room rates all up. But with that improvement has come a higher barrier of entry for new investors. As a result, analysts say, the enthusiasm to invest in hotels has cooled, as potential buyers recognize that the steepest performance gains may now be in the past. [more]

Hotel du Cap-Eden-Roc, in the French Riviera

Increasingly the hospitality sector is moving towards smaller, ultra-luxury hotels, often with nightly rates of over $1,000 per night, the Wall Street Journal reported. For that price, a guest at such a hotel will get 24-hour room service, a full-service spa and a choice of restaurants often seen at large resorts, but available only to guests, the Journal said. [more]

From left: The Z NYC Hotel and Hotel BPM

A total of 15 hotels opened around New York City in 2011, the New York Times reported, and nearly half of them that rose last year alone were outside of Manhattan. In fact, in the five-year span from 2006 to 2011, 42 percent of New York City’s new hotels popped up in the outer boroughs, according to data from New York City’s official marketing, tourism and partnership organization NYC & Company. [more]

A hotel

The national hospitality sector is heading to its third year of recovery, according to a report from Marcus & Millichap. Hotel occupancy nationwide is expected to reach nearly 61 percent this year, with ADR slated to increase by 4 percent on a year-over-year basis. The three strongest hotel markets are North Dakota, Nevada and Texas at present. [more]

Ian Schrager

From the February issue: Ian Schrager is chairman and CEO of Ian Schrager Company, a hotel and real estate development firm established in 2005. Prior to establishing the company, Schrager was at Morgans Hotel Group, which he cofounded in 1984 with the late Steve Rubell, with whom he created the legendary nightclub, Studio 54, in 1977. Schrager’s more high-profile New York projects include the 2006 redesign of the Gramercy Park Hotel as well as residential properties such as 40 Bond and the Gramercy Park Hotel’s 50 Gramercy Park North condos. [more]

During the warmer months, the 35 New York City hotels with rooftop bars generate up to $120 in revenue per square foot for the space, according to a report released today by Jones Lang LaSalle extolling the virtues of rooftop bars.

The move toward rooftop bars has gained steam over the last decade, as 49 percent of the room count in hotels with rooftop bars were added since 2000. International chains have entered the market, too, now representing one-third of the total number of rooms with rooftop bars. [more]

As $17.5 billion in securitized loans backed by U.S. lodging properties mature in the next 18 months, lenders are quickly making agreements on distressed loans, working harder to avoid foreclosure on hotel properties than on any other commercial assets, Bloomberg News reported.

Data from Real Capital Analytics shows that workout agreements have been reached on 53 percent of distressed hotel loans since the beginning of 2008, more than on any other type of property. The reason, some experts speculate, may be that hotels are effectively rented by the night, and contracts with hotel operators may be terminated if a property is foreclosed on, making it harder to run or sell. [more]

The real estate industry powered another strong month for New York City employment figures, providing 2,000 of the 6,100 new jobs in April, according to an April employment report prepared by Eastern Consolidated. It was one of four industries that contributed at least 1,000 new jobs to the city, and has now gained 4,100 new jobs since the end of 2010. But it’s not all good news, as fewer people are being employed to build on that real estate. The construction industry lost 1,700 jobs in April, according to the report, following last week’s news from a separate report that construction employment has hit its lowest level in 13 years. All told, so far in 2011, the construction sector has lost 2,700 jobs. TRD [more]

U.S. hotels had a strong first week of April, highlighted by the upper-upscale segment which saw occupancy rates surge 9.2 percent, daily rates increase 7.4 percent and revenue per available room soar 17.4 percent, according to Smith Travel Research. Across all markets, occupancy rose 4.8 percent to 62 percent, and the average daily rate increased 4.7 percent to $101.22. In addition to the upper-upscale market, the luxury market and the upscale market achieved double-digit increases in revpar. No market segment saw statistically significant decreases in daily rates. TRD [more]

The 99-room Best Western Plus Prospect Park opened this weekend at 764 Fourth Avenue in Sunset Park, according to Brownstoner. The Best Western website says the 10-story hotel will feature a 3,500-square-foot luxury spa, 1,000 square feet of meeting space and on-site parking. Rooms start at $130 per night. The hotel is the latest in a Brooklyn hotel boom that’s transpired over the past few years. Land is cheaper and easier to obtain than it is in Manhattan, but last year, on average, rooms cost $100 less than they did in Manhattan and had far lower occupancy rates. [Brownstoner] [more]