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New York

Hotel projects slowing

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Hotel projects announced in 2007 that have not already begun construction or do not yet have financing are likely to be canceled or delayed 12 to 18 months due to the economic downturn. Projects that have already stalled include the Shangri-La on Lexington and 53rd Street, the Nobu Hotel and Residences on Broad Street and the Hotel Indigo near Union Square. Manhattan currently has about 66,000 hotel rooms, with another 8,000 rooms under construction. Even with the slowdown, New York is adding hotel rooms faster than the nationwide rate of 2.8 percent this year.