The current New York City hotel construction scene bears no resemblance to the state of the industry during the recession. Various investors (management firms, private equity companies, hedge funds) are gaining ground in the NYC hospitality sector during 2011. New York City hotel investment is no longer just for a few primary real estate investment trusts.
Hotels in the Big Apple are been built at an unsurpassed pace. Indeed, over 50% of the hotels planned for this year have already opened in New York City. Several openings were delayed but still managed to be ready in either spring, summer, or early autumn. Additional hotel construction will continue in late 2011 and into the New Year.
NYC Hotels – Open for Business – 2011
The magnificent Mondrian New York opened on February 2011.
The Four Points by Sheraton Long Island/Queensboro Bridge was expected to open on March 3. Although not a surprise for a Starwood hotel, the hotel opened later on April 28.
Aloft Brooklyn's opening was delayed first from March 31 to April 31. The actual opening date was June 9.
Dream Downtown was supposed to open on Memorial Day. The hotel's opening was June 13.
The ever-changing Portland Square Hotel – Sanctuary Hotel – reopened (for the most part) towards the end of June.
Like Hotel Americano, the Nolitan opening came after many delays. The Nolitan at 30 Kenmare Street opened in July after being postponed nine times.
Located at 1141 Broadway, Robert "Toshi" Chan's Flatiron Hotel opened towards the end of August. Chan and creditor Long Island Bank had been discussing this deal for a while before the opening.
The Hyatt 48 Lex was really expected to open in April but the actual date turned out to be August 29.
Situated at 518 West 27th Street, the Hotel Americano designed by Enrique Norton opened in September – following several delays. Originally, a spring opening had been planned for this Chelsea property.
Late 2011 Openings and Possibilities
Image courtesy of petitepassport.com