The New York Post
A1 New York Post, 202016, January Thursday, nypost.com Commercial Real Estate More than 120 new hotels are rising across the city in guests a building boom By LOIS WEISS ngoing hotel develop- ment is bringing more rooms to Gotham — and rates are holding steady despite the influx. of honor “We are still going Othrough a supply indigestion, as New York has suffered from over- supply and Airbnb as well as a big increase in the supply of rooms per night,” says Gilda Perez-Alvarado of JLL’s hospitality group. “However, New York continues to break visita- tion records, so the rooms are being absorbed [by demand].” But since many of the new hotel rooms, especially in the outer bor- oughs and those found midblock in Manhattan, are in the mid-market and economy levels, their lower rates bring the nightly averages down, she explains. According to NYC & Company, The Six the city’s official tourism office, Senses will 2019 saw a record 66.9 million visi- open in the tors from both home and abroad. new XI By the end of 2021, the city will (left), while have more than 144,000 rooms avail- the Waldorf able to visitors — and 3,900 of these Astoria will have come from the 20 new ho- tels that opened in 2019. (below) is More are on the horizon: Hotels in undergoing the construction pipeline include 56 a complete in Manhattan, 21 in Brooklyn, 37 in renovation. Queens, eight in the Bronx and one The XI; No‘ & Associates/The Boundary (inset) Boundary Associates/The & No‘ XI; The SEE PAGE A4 A2 1185 AVENUE OF BIG NEWS THE AMERICAS FLOORS 6-7 | 55,016 RSF FLOORS 11-15 | 137,374 RSF New York 202016, January Thursday, Post, nypost.com Available Q2 ‘20 FLOOR 19 | 27,235 RSF FLOORS 22-27 | 165,086 RSF Available Q4 ‘20 NEWLY COMPLETEDLETED CAPITAL PROGRAM! Amazing Views, Efficient Floor Plates & Transit-centric Location Gary M.
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