OCTOBER 24, 2011
50 HOTELS TO OPEN IN NYC THROUGH 2013
- Crain's New York
New York City is the busiest for hotels, according to hotel-consulting firm Lodging Econometrics. Manhattan lodging properties sold for an average of %505,157 a room.
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.
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