If you are inside a NYC hotel, you are probably not alone – at least according to industry statistics. During 2010, Manhattan hotels have shown a 90% occupancy rate. At present, the NYC hotel market is favorable to buyer and sellers.
Favorable Market
This market is not expected to lose favor in the near future. Manhattan hopes to welcome more than 46,000,000 visitors by the end of the current year. By 2012, New York City will be entertaining over 50,000,000 guests per year. There was never a better time to be part of the Manhattan hotel industry.
Revenue per available room (RevPAR) in New York City has increased by 7.6% to $135. Yet the national average fell 2% to reach fifty dollars. Major players, as well as smaller entities, are recognizing the potential of the NYC hotel industry.
Recently, the Sheraton opened Brooklyn's first major hotel In 12 years. Hyatt Hotels and Resorts opened Andaz at 485 Fifth Avenue in September 2010. Actually, more than 31 new hotels are expected to appear on the Manhattan skyline between 2010-2011.
Luxury Market
The NYC hotel market is going non-stop with new development and properties changing hands. Even the luxury market is in high demand. Almost 100 transactions during 2010 were for luxury properties with a purchase price of more than $10,000,000.
Of course, all hotel buyers in New York City must be able to handle a high price tag. The 760-room Doubletree Metropolitan is selling for $400,000 per room. The W-New York on East 39th Street sold for $300,000 a room earlier in the year.
Corporate and Leisure Travelers
Investors are willing to take the chance on NYC hotels. Manhattan is expecting many more leisure and business travelers in the coming months. In particular, the corporate traveler is driving this activity. As a growing number of companies regain strength and revitalize their corporate travel practices, the NYC hotel market will reap the benefits. Regardless, New York City holds such an appeal that vacationers will continue to fill Manhattan hotels.
Inside NYC Hotels
Want a peek inside a New York City hotel? Besides the Andaz at 485 Fifth Avenue, another Andaz opened on 75 Wall Street in January 2010. The boutique-style rooms begin at $220 and offer a Hudson Valley-sourced restaurant, bar emphasizing 'Pullman-style mixed-at-your-table' cocktails, and spa allowing guests to order services in 15-minute increments.
Multi-sized bamboo panels in the lobby mirror the old lock boxes of Wall Street. The Andaz is a condominium/hotel with condos on its upper floors. The smallest rooms in the hotel start at 345-square feet. They have window seats and 11-foot high ceilings as well as double-paned glass with automated sleep shutters. In addition, guests can enjoy 42-inch LCD TVs and iPod docking stations.
The downstairs space houses the gym and casual conference rooms with their own kitchen facilities and espresso machines. The most lavish rooms feature peek-a-boo tubs and rotating closets. Restaurant lamps resemble pearls. Arching woodcuts in the ceiling display watermark detailing from the dollar bill. It looks like dollar bills will be changing hands fro a long time to come in the NYC hotel industry.
Are You Planning A Stay In A New York City Hotel?
Image courtesy of ny.curbed.com