From A Hotel Standpoint, New York Is Pretty Much Done With the Recession
New York, New York—so great they named it twice. But, hey, don't just take our word for it (we live here, so we're a little biased). Talk to all the hotel developers who are buying up hotels left and right. Because of them, New York City alone accounted for 20% of hotel transactions across the entire country in 2011, announced The Real Deal.
In some ways, we already knew this. Well. We didn't know the exact numbers ($3.5 billion in sales, to be exact), but we did know that there were some major hoteliers sniffing out the next NYC locations for their brands. At a glance: Public New York is on its way, Edition New York has already found a location, and two other Marriotts (a Courtyard and a Springhill Suites) will be popping up in Herald Square.
Further downtown, Andre Balazs' Standard empire is steadily expanding eastward. And let's not forget about King & Grove, who recently burst onto the scene with two well-established NYC properties firmly under their belt.
Hotel deals did so well in 2011, says TRD, that the total dollar amount ($3.5 billion, as we mentioned before) is actually about $1 billion more than was expected for 2011. How about that?
Something is in the air with New York hotels, and it can only mean good things for guests. With more competition, hotels will have to really step up every angle of their services—design-wise, amenity-wise, and perhaps most importantly, price-wise. May the best hotel get our reservation!