NYC sees influx of new hotels

New York /
Jul.July 09, 2010 01:30 PM

Hotelier Michael Depatie and his Eventi

Developers are on track this year to open the largest number of hotels
in New York City in several decades, the Wall Street Journal reported.
A total of 44 hotels with 7,561 rooms are scheduled to open this year,
an 8.5 percent expansion of the city’s room supply, according to hotel research company Lodging Econometrics.  While an onslaught of hotels often leads to falling

rates, New York hoteliers believe the new supply will keep rates from
rising. “About six months ago, every hotelier in New York was very worried about all of the new supply coming,” said Michael Depatie, president and CEO of Kimpton Hotel & Restaurant Group, which owns four hotels in New York, including the Eventi, which opened in Chelsea in June. “But there has been such a resurgence of business travel that, even with all of the supply coming, we haven’t had any troubles absorbing it,” he told the Journal.

New York still has a
long way to go to reach its 2008 heights, but the hotel industry in New
York City is growing at a much faster rate than in the rest of the
country, where the number of rooms grew only 1.6 percent. Lodging
Econometrics
predicts that the city’s growth rate will slow to 2.3 percent in 2011,
though that’s still higher than the anticipated national growth rate
of 1.3 percent. [WSJ]

 

Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
25 Cactus, Irvine, CA and Albert Pujols
Albert Pujols lists Irvine mansion for $10M
Albert Pujols lists Irvine mansion for $10M
(Getty Images)
Florida, man: Sunshine State has more jobs than New York
Florida, man: Sunshine State has more jobs than New York
Cannabis shop, marijuana growing facilities
Cannabis entrepreneurs pay premiums for real estate
Cannabis entrepreneurs pay premiums for real estate
Amazon's Andy Jassy with Amazon Fresh store front (Illustration by The Real Deal with Getty, Google maps)
Amazon scraps plans for big-box store
Amazon scraps plans for big-box store
From left: Adam Weiner and John Fish (Getty, LinkedIn, Curry)
Developer destroyed potential evidence in battle over $800M project
Developer destroyed potential evidence in battle over $800M project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...