During the first week of June, about 2,000 executives gathered for the New York University International Hospitality Industry Investment Conference. This knowledgeable group had good
news to offer about U.S. hotels. The gathering advised caution, however, concerning the future economy.
NYC Hospitality Conference
A cautious mood had been expected to infiltrate this event.
During the first week of June, about 2,000 executives gathered for the New York University International Hospitality Industry Investment Conference. This knowledgeable group had good
news to offer about U.S. hotels. The gathering advised caution, however, concerning the future economy.
NYC Hospitality Conference
A cautious mood had been expected to infiltrate this event.
Google, the search engine giant, always seems to have an ace up its sleeve. At present, the corporation has scored an ace in a popular Manhattan hotel. The Ace Hotel has announced a special partnership with Google.
Google Chromebooks
Guests at the Manhattan Ace will receive free Google Chromebooks (notebook and curated travel city guide application). The Ace Hotel Google Chrome App was designed by Superfuture.
Free App in NYC Ace Hotel
Indeed, hotel guests and lobby visitors to the NYC Ace will be eligible to get the free Google app. Virgin America has agreed to a similar venture with Google. On select flights, Virgin America will provide its airline travelers with free Chromebooks.
Hotels and Technology
The newest travel trend involves incorporating technology into hotels and airports, on airlines, and at several additional sites. Consider the widespread popularity of iPads. Upscale loaner technology products have become a hot item. In fact, tech tools have replaced other designer merchandise as the 'in' thing for today's sophisticated traveler.
Marketing Benefits - Tech Products
Marketing the latest technology products works well for device manufacturers and hotel owners as well as airports and airlines. Guests are impressed with hotels offering the newest gadgets. Airline travelers tend to choose the airline with the best technology.
People enjoy the airport experience at locations providing the latest tech products. The biggest marketing benefit to a provider is people's perception of being a progressive entity. Innovation impresses guests and travelers.
Of course, inventors of tech products can reach a massive audience by marketing to hotels and airlines. As well, device makers can take their invention to a valued demographic – guests who can afford chic accommodations and first-class airline seats. Marketing tech products benefits all sides – the inventors and providers of technology merchandise.
Obviously, Google is not alone in this push to get their technology into people's hands. In 2008, the century-old NYC Algonquin Hotel used Amazon Kindles, breakthrough handheld digital readers, to make a huge impression on tech-savvy guests.
The Algonquin launched an "eBooks on Demand" program offering Kindles pre-loaded with "a variety of best-sellers, modern classics" as well as other selections. The hotel could even take book requests from guests and add the choices into the reader. The Kindles were loaned free of charge on a first-come, first-served basis.
The e-readers could be used in lobbies and guestrooms. The Algonquin advantage - an efficient method of providing an extensive book selection and a clean, green alternative to traditional books. This legendary NYC hotel has age in its past and innovation in its present as the establishment moves forward into the future.
Several trendy NYC hotels might be sticking with bookshelves. Yet the historic Algonquin shelved that idea by providing Amazon Kindles to hotel guests. It remains to be seen how many other partnerships will evolve between device makers and hotel owners. Companies such as HP and Motorola could reach out to hotels and other locations for potential marketing partnerships.
Ace Partnership
Obviously if companies want to outshine Apple, the ventures must be prepared to spend millions of dollars in marketing. It is not surprising that the Ace Hotel would partner with Google. This Midtown Manhattan hotel has always had a distinct presence.
The Ace explains its position regarding their gift of Google to hotel guests, "For guests, we’re laying out an extra gift: an Ace x Google designed notebook – with real paper – wearing a John Milton quote from 1634. This is about discovery, documentation, adventure and resourcefulness – we aim to make the Ace NYC experience as inspiring and nuanced as our guests."
Image courtesy of hotelchatter.com
Although specific sectors in the U.S. hotel industry might have no funding or sufficient demand to justify further development, New York City has a record-performing tourism market with room for more growth. Manhattan is experiencing a building boom but a certain city block – Herald Square - is moving beyond the norm to an even higher level of success. Developers are interested in this Midtown block because the construction logistics are right for demolition and redevelopment.
Best Western Plus New York City Herald Square
Best Western developers, LeTap (hotel investment, management, and development firm) recognized a superb setting in the Herald Square market. This prime location has an unparalleled view of the Empire State Building. Views to the East are unobstructed and the hotel is at least four to five stories above the structures to the south on 35th St. As well, Bryant Park and Times Square are close to the building.
“We wanted to be close to Herald Square, and this is one of the only spots in the area with low-rise buildings, which are easy to demolish and rebuild ground-up,” explains Jaz Patel, President of LeTap.
Patel did not reveal the plot's sale price. Yet despite the present competitive investment climate, Patel admitted to a quick on-the-spot deal with the owner. After purchasing the plot, LeTap* bought out the building's four retail tenants. LeTap made a significant investment in this hot hotel market – but in the largest concentration of guest rooms under construction on one block.
Other lodging establishments including The Strand NYC, Hampton Inn Empire State Building, the Morgans Hotel, and Setai Fifth Avenue, as well as a Comfort Inn on 35th St., can be viewed from the Best Western’s rooftop garden. Although Patel must ponder the possibilities of returns, there is little need for concern. Recently, the neighboring Hyatt Place sold for almost $77 million.
The 17-storey, 94-room Best Western, will feature five rooms on Floors 16 and 17. Other floors will have six guest rooms. The NYC standard guest accommodations offer 200 to 220 square feet per room at a midscale but competitive rate (about $225).
Patel notes, “Our target guests are going to be leisure; even in Long Island City, our guest base is probably 70 to 80 percent leisure.”
Although space is at a premium, the common area will have a bar and lounge with flat-screens TVs on the ground level and doors leading to an outdoor patio. The basement level will host breakfast, business, and fitness areas. The building features the dramatic contrast of glass in the front looking through to brick in the back.
“Best Western was the first, and really only, brand we considered. Given the cost of their membership fees, there’s really no better deal to develop in Manhattan from a franchise perspective.” ~ Jaz Patel
*As well as having a presence in Midtown, LeTap operates a Best Western property across the East River in Long Island City, Queens.
NYC Hotels Under Construction - Recent News
- Between 5th and 6thAvenues on West 36th Street - four hotels under development
- Holiday Inn Express and Hyatt Place under construction on 36th
- Executive Resorts and Hotels, a Canadian hotel management and franchise company, bought four 1,500 square feet (approx.) low-rise buildings at 38-44 West 36th Street.
- January 2012 - Sam Chang and the McSam Hotel Group went under contract to sell a pending 185-room hotel at 52 West 36th Street to Chesapeake Lodging Trust for $76.5 million. The deal is expected to close in the third quarter with the completion of the 25-story Hyatt Place (the brand’s first foray into Manhattan).
Although hotel development and increasing rates will stabilize at some point, this booming Manhattan market shows no sign of any slowdowns in the foreseeable future.
Image courtesy of city-data.com
Although specific sectors in the U.S. hotel industry might have no funding or sufficient demand to justify further development, New York City has a record-performing tourism market with room for more growth. Manhattan is experiencing a building boom but a certain city block – Herald Square - is moving beyond the norm to an even higher level of success. Developers are interested in this Midtown block because the construction logistics are right for demolition and redevelopment.
Best Western Plus New York City Herald Square
Best Western developers, LeTap (hotel investment, management, and development firm) recognized a superb setting in the Herald Square market. This prime location has an unparalleled view of the Empire State Building. Views to the East are unobstructed and the hotel is at least four to five stories above the structures to the south on 35th St. As well, Bryant Park and Times Square are close to the building.
“We wanted to be close to Herald Square, and this is one of the only spots in the area with low-rise buildings, which are easy to demolish and rebuild ground-up,” explains Jaz Patel, President of LeTap.
Patel did not reveal the plot's sale price. Yet despite the present competitive investment climate, Patel admitted to a quick on-the-spot deal with the owner. After purchasing the plot, LeTap* bought out the building's four retail tenants. LeTap made a significant investment in this hot hotel market – but in the largest concentration of guest rooms under construction on one block.
Other lodging establishments including The Strand NYC, Hampton Inn Empire State Building, the Morgans Hotel, and Setai Fifth Avenue, as well as a Comfort Inn on 35th St., can be viewed from the Best Western’s rooftop garden. Although Patel must ponder the possibilities of returns, there is little need for concern. Recently, the neighboring Hyatt Place sold for almost $77 million.
The 17-storey, 94-room Best Western, will feature five rooms on Floors 16 and 17. Other floors will have six guest rooms. The NYC standard guest accommodations offer 200 to 220 square feet per room at a midscale but competitive rate (about $225).
Patel notes, “Our target guests are going to be leisure; even in Long Island City, our guest base is probably 70 to 80 percent leisure.”
Although space is at a premium, the common area will have a bar and lounge with flat-screens TVs on the ground level and doors leading to an outdoor patio. The basement level will host breakfast, business, and fitness areas. The building features the dramatic contrast of glass in the front looking through to brick in the back.
“Best Western was the first, and really only, brand we considered. Given the cost of their membership fees, there’s really no better deal to develop in Manhattan from a franchise perspective.” ~ Jaz Patel
*As well as having a presence in Midtown, LeTap operates a Best Western property across the East River in Long Island City, Queens.
NYC Hotels Under Construction - Recent News
- Between 5th and 6thAvenues on West 36th Street - four hotels under development
- Holiday Inn Express and Hyatt Place under construction on 36th
- Executive Resorts and Hotels, a Canadian hotel management and franchise company, bought four 1,500 square feet (approx.) low-rise buildings at 38-44 West 36th Street.
- January 2012 - Sam Chang and the McSam Hotel Group went under contract to sell a pending 185-room hotel at 52 West 36th Street to Chesapeake Lodging Trust for $76.5 million. The deal is expected to close in the third quarter with the completion of the 25-story Hyatt Place (the brand’s first foray into Manhattan).
Although hotel development and increasing rates will stabilize at some point, this booming Manhattan market shows no sign of any slowdowns in the foreseeable future.
Image courtesy of city-data.com
On May 4, the Pennsylvania-based Hersha Hospitality Trust (NYSE: HT), owner of select service and luxury hotels in major markets, released their first quarter results ended March 31, 2011. Among other announcements, Hersha Hospitality predicts a healthy future for NYC hotels. The company is encouraged by the state of the New York City hospitality market. NYC Developments According to Hersha Hospitality’s Chief Executive Officer, Mr. Jay H. Shah, the firm has finished most of the renovations at their nine NYC hotels. The projects reflect Hersha Hospitality's standard of excellence and increase the properties' cash flow and profitability. Shah is confident about the company's NYC assets. Hersha Hospitality expects booking trends to emerge as business picks up even further during the second quarter of 2011. NYC Market Economic recovery is the source of optimism in the hospitality sector. Continued recovery makes its presence felt in the marketplace. Investors have confidence in NYC hotels. NYC Acquisitions Recently, Hersha Hospitality added to their portfolio in New York City. On March 25, 2011, the Company closed on the purchase of the 112-room Holiday Inn Express Wall Street for about $36.7 million ($328 thousand per key) plus closing costs and fees. The sale price was paid in cash and the hotel was purchased unencumbered by mortgage debt. In addition, the company purchased the 81-room Hampton Inn Financial District for $32.4 million. Hersha Hospitality Trust expects to close this deal during the second quarter of the year. This company focuses on profitable off market opportunities in core markets like New York City. Hersha Hospitality Trust has shown overall confidence in the established NYC market. New York City Portfolio
Hersha Hospitality Trust - New York City Hotels
Hilton Garden Inn Tribeca
Holiday Inn Express Wall Street
Holiday Inn Express Times Square South
Candlewood Suites Times Square South
Hampton Inn Manhattan/Times Square
Duane Street Hotel Tribeca
NU Hotel-Brooklyn
Hotel 373 Fifth Avenue
Hampton Inn Manhattan/Chelsea
Hampton Inn Manhattan/Herald Square
Hampton Inn Manhattan/Seaport
Holiday Inn Express Manhattan/Madison Square
Sheraton Hotel JFK International Airport
Hilton Garden Inn JFK International Airport
Hyatt Summerfield Suites-White Plains
Hampton Inn Brookhaven-Long Island/Farmingville
Holiday Inn Express-Long Island/Hauppauge
Holiday Inn Express Hotel and Suites-Chester
Hilton Garden Inn-Edison/Raritan Center
Courtyard by Marriott-Ewing/Princeton
Hyatt Summerfield Suites-Bridgewater
Hersha Hospitality Trust, a self-advised real estate investment trust, owns interests in 78 hotels (10,442 rooms) primarily along the Northeast Corridor from Boston to Washington as well as in Northern California and Scottsdale, Arizona. Hersha specializes in upscale, mid-scale, and extended stay hotels in major centers.
Hersha Hospitality Announces First Quarter Results
Image courtesy of thehotelinventory.com
On May 4, the Pennsylvania-based Hersha Hospitality Trust (NYSE: HT), owner of select service and luxury hotels in major markets, released their first quarter results ended March 31, 2011. Among other announcements, Hersha Hospitality predicts a healthy future for NYC hotels. The company is encouraged by the state of the New York City hospitality market. NYC Developments According to Hersha Hospitality’s Chief Executive Officer, Mr. Jay H. Shah, the firm has finished most of the renovations at their nine NYC hotels. The projects reflect Hersha Hospitality's standard of excellence and increase the properties' cash flow and profitability. Shah is confident about the company's NYC assets. Hersha Hospitality expects booking trends to emerge as business picks up even further during the second quarter of 2011. NYC Market Economic recovery is the source of optimism in the hospitality sector. Continued recovery makes its presence felt in the marketplace. Investors have confidence in NYC hotels. NYC Acquisitions Recently, Hersha Hospitality added to their portfolio in New York City. On March 25, 2011, the Company closed on the purchase of the 112-room Holiday Inn Express Wall Street for about $36.7 million ($328 thousand per key) plus closing costs and fees. The sale price was paid in cash and the hotel was purchased unencumbered by mortgage debt. In addition, the company purchased the 81-room Hampton Inn Financial District for $32.4 million. Hersha Hospitality Trust expects to close this deal during the second quarter of the year. This company focuses on profitable off market opportunities in core markets like New York City. Hersha Hospitality Trust has shown overall confidence in the established NYC market. New York City Portfolio
Hersha Hospitality Trust - New York City Hotels
Hilton Garden Inn Tribeca
Holiday Inn Express Wall Street
Holiday Inn Express Times Square South
Candlewood Suites Times Square South
Hampton Inn Manhattan/Times Square
Duane Street Hotel Tribeca
NU Hotel-Brooklyn
Hotel 373 Fifth Avenue
Hampton Inn Manhattan/Chelsea
Hampton Inn Manhattan/Herald Square
Hampton Inn Manhattan/Seaport
Holiday Inn Express Manhattan/Madison Square
Sheraton Hotel JFK International Airport
Hilton Garden Inn JFK International Airport
Hyatt Summerfield Suites-White Plains
Hampton Inn Brookhaven-Long Island/Farmingville
Holiday Inn Express-Long Island/Hauppauge
Holiday Inn Express Hotel and Suites-Chester
Hilton Garden Inn-Edison/Raritan Center
Courtyard by Marriott-Ewing/Princeton
Hyatt Summerfield Suites-Bridgewater
Hersha Hospitality Trust, a self-advised real estate investment trust, owns interests in 78 hotels (10,442 rooms) primarily along the Northeast Corridor from Boston to Washington as well as in Northern California and Scottsdale, Arizona. Hersha specializes in upscale, mid-scale, and extended stay hotels in major centers.
Hersha Hospitality Announces First Quarter Results
Image courtesy of thehotelinventory.com
On May 4, the Pennsylvania-based Hersha Hospitality Trust (NYSE: HT), owner of select service and luxury hotels in major markets, released their first quarter results ended March 31, 2011. Among other announcements, Hersha Hospitality predicts a healthy future for NYC hotels. The company is encouraged by the state of the New York City hospitality market. NYC Developments According to Hersha Hospitality’s Chief Executive Officer, Mr. Jay H. Shah, the firm has finished most of the renovations at their nine NYC hotels. The projects reflect Hersha Hospitality's standard of excellence and increase the properties' cash flow and profitability. Shah is confident about the company's NYC assets. Hersha Hospitality expects booking trends to emerge as business picks up even further during the second quarter of 2011. NYC Market Economic recovery is the source of optimism in the hospitality sector. Continued recovery makes its presence felt in the marketplace. Investors have confidence in NYC hotels. NYC Acquisitions Recently, Hersha Hospitality added to their portfolio in New York City. On March 25, 2011, the Company closed on the purchase of the 112-room Holiday Inn Express Wall Street for about $36.7 million ($328 thousand per key) plus closing costs and fees. The sale price was paid in cash and the hotel was purchased unencumbered by mortgage debt. In addition, the company purchased the 81-room Hampton Inn Financial District for $32.4 million. Hersha Hospitality Trust expects to close this deal during the second quarter of the year. This company focuses on profitable off market opportunities in core markets like New York City. Hersha Hospitality Trust has shown overall confidence in the established NYC market. New York City Portfolio
Hersha Hospitality Trust - New York City Hotels
Hilton Garden Inn Tribeca
Holiday Inn Express Wall Street
Holiday Inn Express Times Square South
Candlewood Suites Times Square South
Hampton Inn Manhattan/Times Square
Duane Street Hotel Tribeca
NU Hotel-Brooklyn
Hotel 373 Fifth Avenue
Hampton Inn Manhattan/Chelsea
Hampton Inn Manhattan/Herald Square
Hampton Inn Manhattan/Seaport
Holiday Inn Express Manhattan/Madison Square
Sheraton Hotel JFK International Airport
Hilton Garden Inn JFK International Airport
Hyatt Summerfield Suites-White Plains
Hampton Inn Brookhaven-Long Island/Farmingville
Holiday Inn Express-Long Island/Hauppauge
Holiday Inn Express Hotel and Suites-Chester
Hilton Garden Inn-Edison/Raritan Center
Courtyard by Marriott-Ewing/Princeton
Hyatt Summerfield Suites-Bridgewater
Hersha Hospitality Trust, a self-advised real estate investment trust, owns interests in 78 hotels (10,442 rooms) primarily along the Northeast Corridor from Boston to Washington as well as in Northern California and Scottsdale, Arizona. Hersha specializes in upscale, mid-scale, and extended stay hotels in major centers.
Hersha Hospitality Announces First Quarter Results
Image courtesy of thehotelinventory.com
Image courtesy of travelpod.com
Host Hotels & Resorts, Inc. of Bethesda, MD is buying the 775-room New York Helmsley Hotel for $313.5 million (almost $415,000 per room). The seller is the estate of Leona Helmsley who passed away in 2007. Leona Helmsley had inherited $5 billion in real estate holdings from her husband, Harry Helmsley
Image courtesy of travelpod.com
Host Hotels & Resorts, Inc. of Bethesda, MD is buying the 775-room New York Helmsley Hotel for $313.5 million (almost $415,000 per room). The seller is the estate of Leona Helmsley who passed away in 2007. Leona Helmsley had inherited $5 billion in real estate holdings from her husband, Harry Helmsley
Associations/companies
Hotel Brokers International
American Hotel & Lodging Association
Asian American Hotel Owners Association
International Hotel & Restaurant Association
Smith Travel Research
Industry Publications - Print and Internet
Daily Lodging Report
E-Hospitality
Hotel Business
Hospitality Net
Hotel & Motel Management
Hotel Business
Hotel Interactive
Hotel Journal
Hotel Online
Hotel Resource
Lodging Hospitality
Lodging Magazine
Real Time Hotel Reports
Reed Business
Industry Conferences
AAHOA Annual Convention Americas Lodging Investment Summit (ALIS) - Los Angeles
Caribbean Hotel/Tourism Investment Conference (CHTIC)
Hotel Investment Conference Asia Pacific (HICAP)-Hong Kong
International Hotel Investment Forum (IHIF)-Berlin
NYU International Hospitality Industry Investment Conference - New York
The Lodging Conference - Phoenix
Hotel Investment Conference - Atlanta, GA
International Hotel/Motel & Restaurant Show - New York, NY
Choice Hotels International Convention - Choice Licensees ONLY
Intercontinental Hotels Group Conference - Licensees Only
Americas Best Values Inns - Licensees Only
Best Western International Conference - Licensees Only