Brooklyn hotel boom takes shape

TRD New York /
Jul.July 14, 2010 09:30 AM

Nu Hotel

Over the past few years, hoteliers have been landing in Brooklyn in unprecedented numbers, lured in large part by cheaper real estate, according to the New York Times. Contributing to the trend are budget hotels like the Sheraton Brooklyn, which opened in May, and the Best Western, which now has three locations, as well as boutique properties like Boerum Hill’s Nu Hotel and Williamsburg’s Hotel Le Jolie. Around 40 more hotels are in the pipeline for the borough, according to Smith Travel Research. But although land is less costly and easier to come by in Brooklyn than in Manhattan, it also comes with risk. Brooklyn rooms averaged $147 per night in May, compared to $255 in Manhattan and $205 in the city overall, according to STR, which up until now, did not release specific Brooklyn numbers because there weren’t enough hotels to draw from. The occupancy rate was 72 percent, versus 91 percent in Manhattan. Plus, the key business traveler guest contingent tends to prefer Manhattan. But there will always be travelers coming into town to visit friends and relatives, and they make up a large part of the Brooklyn lodging clientele. Javier Egipciaco of the Nu Hotel said nearly a third of his business comes by word of mouth within the community. [NYT]

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

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

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

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
Reeves Wiedeman (Photos via Amazon; Reeves Wiedeman; iStock)

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork
Starwood loses control of another mall in default

Starwood loses control of another mall in default

Starwood loses control of another mall in default
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Russell Weiner with 12520 Seminole Beach Road and 12395 Banyan Road (Redfin)

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M

Billionaire Rockstar Energy founder flips Elin Nordegren’s former North Palm Beach estate for $48M
arrow_forward_ios

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

Loading...