New York City hotel growth beyond Manhattan
New York City’s hotel industry is experiencing significant growth thanks largely to the continuing trend for hotels to open in the borough beyond Manhattan – the Bronx, Brooklyn, Queens and Staten Island.
Approximately 40% of the city’s 2011 hotel openings will be in boroughs beyond Manhattan. Since 2008, 42% of the new properties built in New York City have been located in boroughs beyond Manhattan, with the majority in Queens (22%), followed by Brooklyn (15%), Bronx (3%), and Staten Island (2%). New York City is the fifth-largest hotel market in the US and has the most rooms under construction. It is on track to add approximately 5,850 rooms in the boroughs beyond Manhattan in just over four years. The city continues to see increased demand from international markets, including Australia, South Korea and Brazil, for both leisure and business travel. New York City’s hotel inventory offers a wide range of options for all types of visitors, with occupancy rates remaining above the national average. In 2010, the city’s occupancy rates averaged 85%, with an ADR of $255.
“In recent years, hotel development in New York City has stayed ahead of the rising demand for accommodation in all five boroughs and at all price points,” said Deputy Mayor for Economic Development Robert Steel. “Between January 2008 and December 2010, the city experienced the most rapid and successful hotel-building boom, with an almost 24% increase in accommodation, including many new properties opening in boroughs beyond Manhattan, in Brooklyn, Queens, Staten Island and the Bronx. During this development, occupancy rates and ADR have remained strong, a remarkable accomplishment.”
“The city welcomed 48.7 million visitors in 2010, a record for the city’s tourism industry,” said George Fertitta, CEO of NYC & Company. “Hotel development is an important part of attracting domestic and international visitors to New York City. The rise in development activity reflects the strong demand for accessible accommodations in all five boroughs. We encourage visitors to stay at properties in the Bronx, Brooklyn, Queens and Staten Island as a new way to experience New York City and take advantage of the affordable hotel options across the city.”
A short subway ride away from popular tourist attractions like the Empire State Building, Rockefeller Center and Times Square, hotels in the Queens neighbourhood of Long Island City and in Brooklyn are extremely accessible and provide an authentic New York City experience at an affordable price. While staying outside of Manhattan, visitors can explore some of the city’s major cultural institutions and attractions, including the Brooklyn Botanic Garden, BAM, the Louis Armstrong House Museum, the Museum of the Moving Image, the Bronx Zoo, the Snug Harbor Cultural Center & Botanical Gardens and Historic Richmond Town.
Recent and upcoming hotel openings include:
• Comfort Inn
• Aloft New York Brooklyn
• Best Western Plus Prospect Park (opened December 2010)
• Fairfield Inn & Suites New York Brooklyn
• Hotel Williamsburg
• Sheraton Brooklyn New York Hotel (opened June 2010)
• Four Points by Sheraton Long Island City (opened May 2011)
• Z Hotel New York
• Best Western Staten Island
Many Manhattan neighbourhoods—specifically Harlem, SoHo and Lower Manhattan—have also seen an influx of new hotel openings, including the Aloft Harlem, Mondrian SoHo, The James New York, Sheraton Tribeca New York Hotel, W New York – Downtown and the Doubletree New York City – Financial District. Growth continues to be strong in Midtown Manhattan as well, with the City’s largest hotel in more than a decade, the 669-room Yotel, scheduled to open its doors next month close to Times Square.
The city currently has approximately 86,230 rooms in its active inventory and is expected to reach almost 90,000 rooms by the end of 2011, with 40 projects slated to open between 2011 and 2013. Even with additional hotel room inventory, early 2011 performance shows the city’s hotels absorbing the increased demand for hotel rooms, keeping occupancy rates and ADR on track to meet or exceed seasonal performance. Occupancy in April 2011 rose to an estimated 88% with ADR at $263.
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