The Real Estate Downturn Won't Bother New York's Hotels

April 18, 2008 at 11:38 AM | by mytwocents | Comments (0)

The three most important words in real estate: location, location, location. And with people from around the world rushing to visit New York, the Big Apple's hotel industry is sitting quite pretty.

From Grand Central Terminal to the Lincoln Center, Times Square to the Financial District, supply cannot meet the demand. Here in the city that never sleeps, even more hotels are being planned and are under construction. City figures early last year showed that 50 hotel developments were in planning stages all over the city, with more than 8,000 rooms in various states of construction.

Of course, whether they'll actually open is another story, say some of the experts who spoke to the New York Sun about the current investment crunch.

Just to name a few new hotels on rise throughout town are the Shangri-La Hotel, a 206-room luxury property designed by Lord Norman Foster. Scheduled to open in 2010, it might just turn out to be the city's most expensive new hotel. And at the New York Library's Donnell branch in Midtown west, Orient-Express Hotels is planning to build a 150-room luxury hotel owned by the `21' Club.

And of course Sam Chang and his McSam development group plan to remain prolific. He's building a 120-room, all-suite hotel on 48th and Lex and building a 240-room Hyatt Place on 52nd and Third.

So while the rest of the country feels the pain of a real estate downturn, Manhattan seems to be weathering the storm quite nicely. Afterall, all these tourists need places to stay, right?

[Photo of the Plaza's guestroom: Ryan Charles]

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