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New York

Hotels thrive despite conversion pressure

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During the past three years, more than 3,000 hotel rooms in the city have been lost due to conversion to condominiums. However, since Sept. 11, 2001, 11 new hotels, with 2,358 rooms, have been added, the largest being the 45-story, 863-room Westin New York in Times Square. The good news is that not everyone who is purchasing a hotel is planning to convert it into residential condominiums. more [Sun]