The NYC hotel industry is a dynamic market. In fact, investors worldwide want to invest in New York City hotels. Obviously though, people have many questions about the current and future state of the industry.
Does recent research point to a profitable future for NYC hotels?
Numerous statistics and studies paint an encouraging picture for the future of NYC hotels. In fact, industry experts had predicted growth figures in September 2010 and had to revise them by year-end indicating higher growth rates. Colliers PKF Hospitality Research and Smith Travel Research published encouraging statistics.
Colliers stated that it expected RevPAR to rise by 5.9% in 2011 and 10.6% in 2012. In addition, Colliers announced that rates would increase 3.8% in 2011 and 6.3% in 2012. Higher occupancy percentages and considerable increases in Revenue per Available Room (RevPAR) are having a positive overall effect on U.S. hotels – especially in major centers such as New York.
Wouldn't it be better to wait and invest later when the economy has improved even more?
First, confidence in an economy revitalizes it more and at a faster rate. For the overall good of the economy, investing now drives the market. Of course, each individual investor has to consider their own needs. Is this a good time for me to invest in New York City real estate?
The answer to that question (in almost all cases) is – yes, now is the time to invest in NYC hotels. Prices are favorable and predictions are promising for the future of real estate in this global center. As well, it is not only predictions that indicate a profitable future. All the signs in the industry point to a re-energized market. Take a look at the number of recent significant transactions – even since the beginning of the New Year.
Would the luxury market be a wise investment in this current economy?
Many investors tend to shy away from the luxury market in a recovering economy because they have a mistaken view of the sector. The luxury market does lose steam in economic downturns. Yet history shows that the luxury market is the first to rebound from a recession. The current demand for luxury real estate is proof of that statement.
Richard Born, owner of 22 NYC budget and luxury hotels, states that his luxury properties have almost 80% occupancy rates. Smart investors recognize that New York City is a historically-sound market capable of supporting the luxury market. Current investors are even able to choose upscale properties for affordable prices.
Since hotel profitability is dependent on the tourist industry, aren't investors taking a big risk to invest in hotels?
Although nobody can make a 100% guarantee about the success of a business venture, NYC hotels are the nearest thing to a perfect investment. Tourists will always come to New York City and they will need hotels of all types. According to NYC & Company, the Big Apple set a tourism record in 2010 with 48.7 million visitors - 6.8% more than 2009.
Mayor Michael Bloomberg explained the importance of the hospitality business to New York City, "The strength of our tourism industry is one of the reasons New York City was less impacted by the national recession than other cities and it continues to be one of the reasons we're growing faster than other cities today."
Gansevoort Hotel Group has announced the official opening of its Gansevoort Park Avenue NYC. The hotel has been open to the public since August 2010. This luxury hotel at Park Avenue South and 29th Street will make people want to plan a getaway to New York City.
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| Image courtesy of blog.mtrip.com |
The Gansevoort Hotel Group's (GHG) magnificent structure should inspire more travelers to vacation in the thriving NYC metropolis rather than a tropical resort. Actually, since its opening in 2009, the Gansevoort Hotel Group (GHG) manages a popular Caribbean resort property - Gansevoort Turks + Caicos. Now Michael Achenbaum, President of Gansevoort Hotel Group, refers to Gansevoort Park Avenue as "the city’s most comprehensive urban resort."
Achenbaum says that the company has worked with top brands in varied industries (beauty, fashion, restaurant) to create "a one-of-a-kind experience for hotel guests." The Gansevoort Hotel Group has put together a luxurious package for their guests. Exhale spa offers spa therapies and daily Core Fusion® yoga classes.
A Lacoste boutique sells co-branded merchandise and limited-edition items created in partnership with famous designers. Cutler serves as the in-house salon and exclusive provider of hotel bath and hair products. GHG has even brought Porsche into the picture. Guests can enjoy complimentary in-town car service in the 2011 Porsche Panamera 4S.
Indeed, it would be difficult to disagree with Achenbaum when he speaks about the resort quality of this NYC hotel. Gansevoort Park Avenue offers ultimate luxury and unsurpassed style. He believes that this new luxury hotel will be a tremendous addition to Manhattan night life and its culinary scene.
The 20,000 tri-level rooftop complex features connected nightlife spaces, Ultra Lounge with attached outdoor balconies, and the Ristorante Asellina, a 10,000 square-foot Italian trattoria, operated by The ONE Group, and featuring a James Beard Award-winning chef. The Manhattan-based firm, ICRAVE, created this upscale restaurant.
No doubt, GHG has created a unique property for an overnight or extended hotel stay as well as for other types of events and gatherings. This 'one-of-a-kind' entertainment property in New York City can accommodate large-scale events – every day of the week. With its 240 elegant and expansive (average – 462 sq ft) rooms and suites, Gansevoort Park Avenue is a grand building.
Its design reflects American inspiration and the innovative spirit of GHG. The impressive three-storey lobby, elaborate guest rooms, presidential suite, and spectacular pool area were designed by architect Stephen B. Jacobs and interior designer Andi Pepper. The artwork of well-known photographer, Deborah Anderson, is featured throughout the hotel – even on the rooftop.
With superb 360-degree views of Manhattan, the building's distinct rooftop level is just as exceptional as the rest of this amazing structure. Satsky & Gefter Corp., proprietors of several luxury nightlife venues in New York, has partnered with The ONE Group and Gansevoort Hotel Group to create an unrivaled nightlife experience at the Gansevoort Park Rooftop.
“Gansevoort Park Avenue was conceived throughout as a self-contained world,” says Michael Achenbaum, President of Gansevoort Hotel Group.
Obviously though, guests will not be too disappointed either with the world outside the door – in the heart of Midtown Manhattan.
The NYC Hotel Gansevoort is proving to be popular with guests (and non-guests) who want to beat the summer heat. The hotel's rooftop pool looks very inviting on hot summer days in New York City. Of course, the establishment's observant lifeguards always spot the intruding 'non-guests' who want to crash the pool parties.

Hotel Gansevoort
Obviously, the 210-room Gansevoort has earned a cool reputation as part of the NYC hotel scene. Hotel Gansevoort gained recognition as the first luxury urban full-service resort in the Meatpacking District of New York City. Its rooftop pool is available to guests or others who pay for a spa admission. The Exhale Spa has three infinity-edge hydro pools, steam room, and private therapy rooms. Access to these amazing services might be pricey but it will seem like a small price to pay for relief from the summer heat.
Gansevoort Rooftop
Hotel Gansevoort's 45-foot heated outdoor rooftop pool with its underwater lights and music is open year-round for eager swimmers. In addition, the hotel has the 'Plunge' rooftop bar and lounge, as well as a landscaped garden, and 5,500 sq ft. of New York City event space including the incredible rooftop space.
Urban Oasis
The Gansevoort is described as an "urban oasis." This hotel delivers a perfect space for swimming and sunning. People can chose a snack from the Plunge Bar and Lounge or enjoy a few quiet moments in the lovely landscaped garden.
New York City
The view of the Hudson River is another bonus of spending time at Hotel Gansevoort. The expansive event Loft with its 20-foot ceilings offers 360 degree views of New York City architecture as well as the natural beauty of a sunset over the Hudson. All Hotel Gansevoort guests can enjoy the spectacular sight of the July 4 fireworks from their luxurious vantage point by the river.
Luxury NYC Hotels
A relaxing swim in a luxurious hotel seems like a good deal to summer visitors. Of course, other NYC hotels besides the Gansevoort have rooftop pools. Indeed, guests on a budget can find affordable accommodations with rooftop pools in New York City.
Affordable NYC Hotels
Many New Yorkers pay for an afternoon at the rooftop pool of the Holiday Inn on 57th Street. Indeed, the price for using this pool drops considerably after 3 p.m. on weekdays. Swimmers must expect a small, standard motel pool at this location.
Generally, hotel staff will ask guests if they would like to view the pool before paying for the swim. This rooftop pool serves its purpose. The Holiday Inn wants to ensure that their standard-size pool suits the needs of individual swimmers.
Gansevoort Gets Top Rating
Elle UK Magazine has rated Hotel Gansevoort as the best place in NYC to stop for a shopping break. Situated in the West Village end of the Meatpacking District, Hotel Gansevoort is near a selection of the best shops in New York City. As well, this upscale NYC property is near several superb restaurants. The Gansevoort focuses on guests' comfort. Several celebrities have stayed at this establishment but Hotel Gansevoort offers its own brand of personalized service to every guest.
Hotel Gansevoort's Remarkable Rooftop
Image courtesy of mns.com
Friday, 25 February 2011 08:39
Gansevoort Hotel Group has announced the official opening of its Gansevoort Park Avenue NYC. The hotel has been open to the public since August 2010. This luxury hotel at Park Avenue South and 29th Street will make people want to plan a getaway to New York City.
![]() |
|
| Image courtesy of blog.mtrip.com |
The Gansevoort Hotel Group's (GHG) magnificent structure should inspire more travelers to vacation in the thriving NYC metropolis rather than a tropical resort. Actually, since its opening in 2009, the Gansevoort Hotel Group (GHG) manages a popular Caribbean resort property - Gansevoort Turks + Caicos. Now Michael Achenbaum, President of Gansevoort Hotel Group, refers to Gansevoort Park Avenue as "the city’s most comprehensive urban resort."
Achenbaum says that the company has worked with top brands in varied industries (beauty, fashion, restaurant) to create "a one-of-a-kind experience for hotel guests." The Gansevoort Hotel Group has put together a luxurious package for their guests. Exhale spa offers spa therapies and daily Core Fusion® yoga classes.
A Lacoste boutique sells co-branded merchandise and limited-edition items created in partnership with famous designers. Cutler serves as the in-house salon and exclusive provider of hotel bath and hair products. GHG has even brought Porsche into the picture. Guests can enjoy complimentary in-town car service in the 2011 Porsche Panamera 4S.
Indeed, it would be difficult to disagree with Achenbaum when he speaks about the resort quality of this NYC hotel. Gansevoort Park Avenue offers ultimate luxury and unsurpassed style. He believes that this new luxury hotel will be a tremendous addition to Manhattan night life and its culinary scene.
The 20,000 tri-level rooftop complex features connected nightlife spaces, Ultra Lounge with attached outdoor balconies, and the Ristorante Asellina, a 10,000 square-foot Italian trattoria, operated by The ONE Group, and featuring a James Beard Award-winning chef. The Manhattan-based firm, ICRAVE, created this upscale restaurant.
No doubt, GHG has created a unique property for an overnight or extended hotel stay as well as for other types of events and gatherings. This 'one-of-a-kind' entertainment property in New York City can accommodate large-scale events – every day of the week. With its 240 elegant and expansive (average – 462 sq ft) rooms and suites, Gansevoort Park Avenue is a grand building.
Its design reflects American inspiration and the innovative spirit of GHG. The impressive three-storey lobby, elaborate guest rooms, presidential suite, and spectacular pool area were designed by architect Stephen B. Jacobs and interior designer Andi Pepper. The artwork of well-known photographer, Deborah Anderson, is featured throughout the hotel – even on the rooftop.
With superb 360-degree views of Manhattan, the building's distinct rooftop level is just as exceptional as the rest of this amazing structure. Satsky & Gefter Corp., proprietors of several luxury nightlife venues in New York, has partnered with The ONE Group and Gansevoort Hotel Group to create an unrivaled nightlife experience at the Gansevoort Park Rooftop.
“Gansevoort Park Avenue was conceived throughout as a self-contained world,” says Michael Achenbaum, President of Gansevoort Hotel Group.
Obviously though, guests will not be too disappointed either with the world outside the door – in the heart of Midtown Manhattan.
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.
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
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
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
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