Lower Manhattan sees uptick in hotel activity

Nearly 3,300 rooms divided across 17 new projects are coming to the area

New York /
Sep.September 30, 2014 04:20 PM

Hotels are booming in Lower Manhattan.

An increasing number of hotels are in the works in the area and activity at existing hotels is strong, according to data from lodging industry firm STR cited by the New York Observer. Roughly 3,292 rooms divided across 17 projects will be added to the area in the near future. This is a 30 percent increase in hotel count — last year there were 13 projects — and a 35 percent increase in rooms, which was 2,431 in 2013.

Silverstein Properties is planning to open a Four Seasons at 30 Park Place. Aloft Manhattan Downtown is scheduled for January 2015 On Ann Street and two Courtyard by Marriott hotels are also slated to open.

The Lower Manhattan occupancy rate rose 1.5 percent to 84.4 percent, according to the Observer. The average daily rate rose 0.6 percent and the number of available rooms was up 1.7 percent. Total room revenue was up 3.8 percent to 219.5 million. [NYO] — Claire Moses


Related Articles

arrow_forward_ios
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
Photo via NYCEDC
NYC floats $5B coastline extension in Lower Manhattan climate plan
NYC floats $5B coastline extension in Lower Manhattan climate plan
Blackstone's Stephen Schwarzman and 8 Spruce Street (Getty, Wikimedia)
Blackstone close to $930M purchase of Lower Manhattan apartment building
Blackstone close to $930M purchase of Lower Manhattan apartment building
Multifamily sales show market’s split personality
Multifamily sales show market’s split personality
Multifamily sales show market’s split personality
Bill Gate and the Four Seasons in Beverly Hills (Getty)
Bill Gates’ Cascade taking over Four Seasons Hotels & Resorts
Bill Gates’ Cascade taking over Four Seasons Hotels & Resorts
New development inventory fell 12% by the end of Q2 compared to 2019, a sign of higher consumer confidence surpassing pre-pandemic levels. (iStock)
Glut reaction: Manhattan condo inventory finally drops
Glut reaction: Manhattan condo inventory finally drops
A rendering of the project at 1 Park Row in the Financial District. (Winick)
L.A.-based lender puts FiDi project into construction with $90M loan
L.A.-based lender puts FiDi project into construction with $90M loan
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
arrow_forward_ios

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

Loading...