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New York

NYC hotels to flourish in 2011

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New York City hotels have flourished in 2010 and the industry can expect more of the same during 2011, according to the latest report from Domain Properties, a company specializing in off-market hotels and properties. The report said that New York City will have 46.7 million visitors by the end of 2010, with more hotels to be built in Lower Manhattan, Brooklyn and Queens. According to the report, 31 hotels, with 7,523 rooms are expected to be developed in New York City between 2010 and 2011. By the end of 2011, Manhattan will have 77,943 hotel rooms. The report also predicted that revenue per available room will increase by 4.6 percent by the end of 2010, almost 10 percent in 2011, and a repeat of double-digit percentages in 2012 and 2013. It is believed that New York City revenue per available room will return to its peak level in 2014. TRD

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