50 hotels to open in NYC through 2013

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  1. uggboy
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    50 hotels to open in NYC through 2013:)

    Building a hotel in New York City is becoming more affordable than buying one, as demand from publicly traded investors helps drive a surge in property prices.

    Increased competition for purchases has led developers to plan the opening of about 50 new hotels through 2013 in New York, more than triple the number in Washington, D.C., the next-busiest U.S. city for construction, according to hotel-consulting firm Lodging Econometrics. Sixty-eight more are set for completion in 2014 and after.

    Hotel developers, many of whom stopped building in Manhattan and other New York boroughs when financing dried up during the recession, are returning following a gain in commercial-property prices, which are at their highest since a record reached in 2006.

    MUCH MORE!>http://www.crainsnewyork.com/article/20111024/REAL_ESTATE/111029955

     
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