Manhattan experiencing historic hotel boom

NYC has added over 18,000 rooms since 2010, with another 36,000 rooms in the pipeline

New York /
Jan.January 23, 2016 04:00 PM

Hotels are rising at rapid rates across Downtown Manhattan. Some are calling it the city’s biggest hotel boom ever.

“Overall, the city is undergoing the largest hotel boom in its history, adding over 18,000 rooms since 2010, with another 36,000 rooms in the pipeline and 12,600 of those rooms currently under construction,” Mark VanStekelenburg, managing director of PFK Consulting USA’s CBRE Hotels division, told the New York Post.

He added that the majority of the building is occurring in the Financial District and Lower East Side.

“Lower Manhattan hosted 6,300 of these new rooms, a 28 percent increase, since 2010, with another 10,700 rooms in the pipeline, of which 5,600 are under construction, representing 26 new hotels,” VanStekelenburg said.

According to the Post, the boom began a year ago, when InterContinental Hotels Group debuted the tallest Holiday Inn in the world — the 50-story, 492-room Holiday Inn Manhattan-Financial District at 99 Washington Street. It Was Followed By The Orchard Street Hotel at 163 Orchard Street, the Q&A Residential Hotel at 70 Pine Street and the Hotel Indigo at 171 Ludlow Street.

“There is a need for significant additional hotel product in Lower Manhattan,” VanStekelenburg said. “The market has historically been underserved by hotel rooms, and the new supply is very broad in product type and brand, resulting in new marketing distribution and access to new frequent guest programs.” [NYP]Christopher Cameron


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
Larry Korman and Joe Lubeck (iStock)
Electra America, AKA launch $500M hotel fund
Electra America, AKA launch $500M hotel fund
(Photo illustration by The Real Deal)
Underwater hotel owners are walking away from their properties
Underwater hotel owners are walking away from their properties
(iStock/Illustration by Alexis Manrodt for The Real Deal)
Manhattan job losses in Q3 worst of any large county in the US
Manhattan job losses in Q3 worst of any large county in the US
Heritage Equity Partners' Toby Moskovits and the Williamsburg Hotel at 96 Wythe Avenue (Moskovits via Sasha Maslov; Hotel via Williamsburg Hotel)
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
ASAP Holdings CEO Frank Yuan and LaGuardia Marriott
LaGuardia Marriott and development site combo sell for $100M
LaGuardia Marriott and development site combo sell for $100M
525 Lexington Avenue and Deka bank CEO Michael Rüdiger (Photos via Google Maps, Getty Images)
German lender forecloses on East Side Marriott hotel
German lender forecloses on East Side Marriott hotel
Four Points by Sheraton Midtown at 326 W 40th Street (Google Maps; iStock)
Recipe for success? Ghost kitchens cut deals with empty hotels
Recipe for success? Ghost kitchens cut deals with empty hotels
arrow_forward_ios

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

Loading...