Residence Inn looks to fill NYC’s extended-stay void

New York /
Jul.July 09, 2012 10:00 AM

For all the hotel projects that have risen in the city over the past few years, one sector has been underserved, experts say: extended-stay lodging. The Wall Street Journal reported that developers are finally beginning to work to fill that void.

Of the 70,000 New York City hotel rooms in 260 properties, just 3,700 rooms across 20 buildings are geared for extended-stay travelers. Longer-term travelers covet such rooms for the convenience of kitchenettes and living rooms that make them feel more like apartment dwellers.

Residence Inn is heeding that call with 715 rooms planned across three projects, including one that’s part of a 68-story tower at 1717 Broadway. It’s also flagging a 211-room project on East 48th Street at the former Helmsley Middletowne Hotel and a 245-room property scheduled for 170 Broadway by a partnership of Highgate Hotels, Carlyle Group and Tribeca Associates.

While the Journal noted that there are still plenty of traditional and boutique hotels in the pipeline, those markets may be getting saturated. But there’s room to grow in the extended-stay sector at both ends of the price spectrum. [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
From left: Värde Partners’ IIfryn Carstairs and Hawkins Way Capital’s Ross Walker along with 525 Lexington (Getty, Värde Partners, Hawkins Way Capital, Google Maps)
Hawkins Way, Värde buy defunct Marriott East Side hotel
Hawkins Way, Värde buy defunct Marriott East Side hotel
122 8th Street in Passaic NJ, Stonemont Financial Group's Zack Markwell (Loopnet, Getty, Stonemont Financial Group)
Warehouse rising from ashes of infamous Passaic fire
Warehouse rising from ashes of infamous Passaic fire
400 Parsons Pond Road (Google Maps)
Developer pitches 585 apartments on Bergen County office campus
Developer pitches 585 apartments on Bergen County office campus
(Getty)
A December to forget: Multifamily projects slow to a trickle
A December to forget: Multifamily projects slow to a trickle
Louis Buckworth with 520 Park Ave
520 Park Avenue unit sells for $22M in rare resale
520 Park Avenue unit sells for $22M in rare resale
arrow_forward_ios

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

Loading...