Hotel Development in New York

In 2010, New York city set a record for hotel rooms added and hotel rooms sold, with an average occupancy rate of 85%.

Last year over 30 new properties opened their doors to New York city visitors adding more than 6200 rooms to accommodate the increasing tourist arrivals in the city.

The hospitality industry added 6,600 jobs over the past year, employing more New Yorkers in 2010 than ever before. According to STR, there are 40 properties under construction accounting for nearly 6,500 additional new rooms the highest in the US in terms of new hotel development. As of February 2011, New York city has 86,232 rooms in its active inventory.

“Hotels in New York city provide accommodation for all tastes and budgets and range from simple, basic hotels to lavish luxury hotels. Last year over 48.7 million people visited New York City, up 6.8% from 2009 and 25.7 million room nights were sold,” said George Fertitta, CEO of NYC & Company. “This year over 24 properties are slated to open giving the tourists a wide variety of accommodation choices and to make their stay even more comfortable.”

One aspect of this new development has been the expansion of hotel properties throughout the five boroughs Manhattan, Queens, Brooklyn, the Bronx and Staten Island.

Recent properties to open include the Chatwal New York, Setai Fifth Avenue, Mondrian SoHo, aloft Harlem, DoubleTree by Hilton Hotel New York City - Financial District, W Downtown, Element New York Times Square West, Courtyard New York Manhattan/SoHo, and Sheraton Brooklyn.

On the horizon are the aloft Brooklyn, Hotel Williamsburg, Flatiron Hotel, The Nolitan, NoMad Hotel, Conrad New York and a new Hyatt in Union Square.

Midscale brands are also popular with a new Fairfield Inn & Suites slated for Brooklyn, and a Four Points by Sheraton in Long Island City, Queens.

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