New York’s hospitality industry is holding up with decent occupancy rates and rising prices. However, developers that are not well established but want to build new hotels are having a tough time getting financing. Experts say that although the building slowdown is bad for developers, it will prevent a flooding of the market as the economy slows and occupancy rates drop. In the long run, insiders say the city needs more hotels, but economic problems could delay hotel growth for as long as five years.
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