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Posts Tagged ‘jones lang lasalle hotels’

  • An exterior shot of the Viceroy at 120 West 57th Street

    An exterior shot of the Viceroy at 120 West 57th Street

    It’s boom time for hotels in New York City. The overall number of Manhattan hotels is slated to jump about 10 percent to over 90,000 by the end of 2014, according to Jones Lang LaSalle Hotels, which tracks hotel developments in the pipeline.

    Manhattan’s expected growth in the hotel sector is the highest in the nation and is more than double the rate seen in Miami and Washington, the next-fastest growing urban markets, according to forecasts from Lodging Econometrics. [more]

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  • New York City hotel transaction volume hit a record high in 2011, according to a report released yesterday by Jones Lang LaSalle Hotels, with 18 transactions accounting for $3.5 billion in dollar volume. The figure represents a 150 percent increase over the $1.4 billion in hotel transactions recorded in 2010, and beat the firm’s prediction of $2.4 billion worth of hotel deals being inked in 2011. [more]

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  • Investors bullish on hospitality industry

    December 09, 2010 11:29AM
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    The year was 2008 and the nation was in a serious financial crisis. Very few financial institutions were interested in providing financing for any real estate class. If the subject was financing for a hotel, the lender might have made the following remark: “Do not pass go, do not collect $200 and make certain never to talk to me about financing a hotel.” At the beginning of the year, I wrote an article entitled “Good riddance to 2009 for the U.S. hotel industry.” In it I quoted Mark Lomanno, the president of Smith Travel Research, when he said, “Good riddance to 2009, a year which we believe will go down as the worst in the modern hotel industry. The combination of a distressed economy in conjunction with panic pricing drove [revenue per available room, or revpar,] down to levels that were virtually incomprehensible just a year and a half ago.”

    [more]

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