Industry experts say city can fill oncoming slew of new hotels

TRD New York /
Dec.December 13, 2011 10:46 AM

The city is on track to hit 90,000 hotel rooms by the end of the year, thanks to a barrage of New Construction Ongoing Between West 36th Street and West 54th Street, DNAinfo reported. And even as the pace of new development shows no sign of slowing — an additional 7,000 rooms are in the planning stages — industry experts are insisting that the city’s tourism industry can support a surge in inventory.

“Overbuilding has always been a negative in this industry,” said Joseph Spinnato, president and CEO of the Hotel Association of New York. “When is the glass truly full? I don’t know. But right now… there are markets that haven’t fully been tapped.”

Industry insiders point to New York’s high occupancy rates, the highest in the nation at 85 percent, as proof of sustained growth within the tourism sector. Room rates are also on the up, with visitors paying $261 per night on average so far in 2011, according to figures provided by the city.

“I think the very definition of a bubble is something that has artificially grown and therefore can’t sustain itself. But we’ve created new infrastructure,” said Kimberly Spell, chief communications officer at NYC & Company, the city’s tourism division. [DNAinfo]


Related Articles

arrow_forward_ios
30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

South Korean firm snaps up two Midtown hotels for $137M

Brookfield Property Group CEO Brian Kingston and 652 11th Avenue (Credit: Google Maps)

Brookfield drops $83M on Hell’s Kitchen hotel

Mensur Cekic, Hudson Yards’ director of residences

From private tutors to meditation sessions, inside NYC’s new amenities battle

Lightstone Group CEO David Lichtenstein and Moxy Chelsea at 105 W 28th Street (Credit: Lightstone and Facebook)

Lightstone gave its neighbors $7M to build a hotel. Then the neighbors secretly went to war, suit claims.

Here are the numbers behind Michael Dell’s record purchase of the Boca Raton Resort

Long Island’s hotel market could be headed for a downturn

This obscure Caribbean island is a favorite among the super wealthy

Manhattan hotel at center of 1MDB fraud case lands $615M refinancing

arrow_forward_ios