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

TRD 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
(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
20 Times Square and Maefield Development’s Mark Siffin (Edition Hotels)

Times Square Edition to reopen as Maefield clears up debt dispute

Times Square Edition to reopen as Maefield clears up debt dispute
RTW Retailwinds CEO and CFO Sheamus Toal and a New York & Company store (Getty, LinkedIn)

New York & Company parent files for bankruptcy

New York & Company parent files for bankruptcy
Related’s Jeff Blau, 1085 Colgate Avenue and 1050 Wheeler Avenue (Getty, Google Maps)

Related sells two more pieces of vast Bronx multifamily portfolio

Related sells two more pieces of vast Bronx multifamily portfolio
Clipper Equity's David Bistricer with 77 Commercial Street and Shorewood's S. Lawrence Davis with 160-05 Archer Avenue (REIT, Google Maps)

June’s biggest outer-borough loans led by $386M for Greenpoint

June’s biggest outer-borough loans led by $386M for Greenpoint
 Thomas Barrack, Sheraton San Jose Hotel in Milpitas, CA, Residence Inn Cypress Los Alamitos (Getty, Google Maps, Marriott)

Colony Capital may lose control of 2 largest CMBS hotel portfolios

Colony Capital may lose control of 2 largest CMBS hotel portfolios
arrow_forward_ios

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

Loading...