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
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
Condor Hospitality CEO J. William Blackham and Blackstone CEO Stephen Schwarzman (Condor, Getty)
Condor Hospitality selling hotels to Blackstone for $305M
Condor Hospitality selling hotels to Blackstone for $305M
Soho Properties chairman and CEO Sharif El-Gamal (Getty, Margaritaville)
Cheers: Soho Properties secures $317M refi on Times Square Margaritaville
Cheers: Soho Properties secures $317M refi on Times Square Margaritaville
Jason Pomeranc and 305 West 48th Street (CIVILIAN, Google Maps, Kelleecaitlin/Wikimedia)
Jason Pomeranc to launch new Theater District hotel
Jason Pomeranc to launch new Theater District hotel
The hotel on Rockaway Beach sold for $25 million (Google Maps)
Pandemic pricing arrives to middle of i-sales market
Pandemic pricing arrives to middle of i-sales market
Queens Councilman Francisco Moya (iStock, New York City Council)
City Council bill would force hotels to pay severance to laid-off workers
City Council bill would force hotels to pay severance to laid-off workers
AvantStay CEO Sean Breuner (AvantStay, iStock)
AvantStay launches brokerage arm
AvantStay launches brokerage arm
Hilton Grand CEO Mark Wang, 12 East 48th Street and Henry Silverman of 54 Madison Partners (Hilton, Rinaldi, 54 Madison)
Hilton timeshares arm buys distressed Midtown hotel for $58M
Hilton timeshares arm buys distressed Midtown hotel for $58M
arrow_forward_ios

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

Loading...