Strong demand for NYC hotels

July 19, 2007 12:00AM

City hotels fetched a record-breaking daily rate of $265 in 2006, and the hospitality industry is on pace to break that record this year. Analysts say there is ever-greater demand for Manhattan hotel rooms given its status as a tourist and business destination, and that city hotels are considered an extremely strong investment. “Since the city is ‘under-hoteled’ as compared to other top international markets, we can’t have too many hotels for the foreseeable future,” said Mark Gordon, the managing director and a principal at Sonnenblick Goldman. At present, 5,000 hotel rooms are set to open in Manhattan this year. more [Sun]

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