NYC sees influx of new hotels

TRD 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
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

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

From left: a rendering of 3 Sutton Place, Joseph Beninati and Gamma Real Estate's Jonathan Kallikow

Failed Sutton Place developer files for bankruptcy

(Credit: Getty Images)

Express to close 100 stores, stock jumps 21%

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

Flo Rida is building a vodka distillery in Fort Lauderdale Opportunity Zone

Real estate brokers are feeling more positive about the business for the first time since dark clouds started appearing a year ago. (Credit: iStock)

Brokers feeling more upbeat for the first time in a year: REBNY

Fathom Holdings CEO Joshua Harley (Credit: Fathom)

Virtual brokerage Fathom Holdings files for IPO