More Hotels to Flood Manhattan
The New York hotel market has basically stared AirBnB dead in the face and said, “That’s all you got?” The New York Post reports occupancy levels are at an all-time high and rates are strong but that’s not stopping the influx of visitors (2014 saw 55 million visitors) and the explosion of diverse new hotel construction to accommodate them. So far we’ve seen 30,000 new rooms added since 2007 putting us on track for 110,000 rooms in 2016. And the rise of the dollar value and the surge of inventory doesn’t seem to be slowing things down. Well… maybe a little bit. Harry Gross, builder and owner of the tallest pure-hotel tower in the US, which houses Residence Inn and Courtyard Marriotts on Broadway, told the Post occupancy is in the high 80% to low 90% 10 months out of the year, but rates are taking a hit. Meanwhile the surge of new hotels, like the upcoming Beekman (pictured above), just keep coming as guest keep on filing in.
