With more than 50.9 million visitors to the Big Apple in 2011, and estimates that 55 million will visit the market by 2015, a number of new hotels are in various stages of development.
Most of the nation's most prominent hotel operators have opened new brands in New York City. InterContinental Hotels Group (IHG), has announced the first EVEN Hotels property which will be located in Manhattan. The hotel will be located at 219 East 44th Street, between Second and Third Avenue. The hotel will feature 23 guestroom floors and 230 guestrooms.
IHG expect to sign 100 EVEN Hotels in the U.S. in the next five years in key markets including New York, Washington, D.C. and San Francisco.
In October, Hersha Hospitality Trust, announced that the Company has entered into a purchase and sale agreement to acquire the 205 Hilton Garden Inn, located at 52nd Street near Third Avenue for a total consideration of $74 million, or approximately $361,000 per key. When opened the hotel will be the fourth Hilton Garden Inn located in Manhattan.
January 2nd, 2013 is the date that reservations are being accepted for the opening of the Hersha Hospitality, Hyatt Union Square New York Hotel, located at 132 Fourth Avenue, at the corner of 13th Street. The brand new 178 room hotel is located one block from historic Union Square.
At 52 West 13th Street between Fifth and Sixth Avenue is the location of Gemini Hospitality's newest hotel, the 113 room Jade Hotel. Gemini is the owner/developer of the limited service GEM hotels located in Chelsea, Midtown and Soho.
In the former Buckingham Hotel, situated on the corner of West 57th street and Avenue of the Americas renovation is nearly completed for the Quin, a luxury 200 room hotel.
On the site of the former home of the Jewish Board of Family and Children's Services, located at 120 West 57th Street is the 133,000 square foot, 250 room Willow Hotel. The 30 story hotel a few feet from the Le Parker Meridian is a development of Ark Partners is scheduled to open in the spring, 2013. Ark is the owner of three other New York City hotels, which include the Mansfield, The Franklin, and the Shoreham Hotel.
Starwood Capital is actively involved in ownership and financing of hotels in New York City. Renovations are underway at the former office building located at 1414 Avenue of the Americas at the corner of West 58th Street. The property is expected to open by the end of next year.
As I reported earlier this year, the company is building the luxury Baccarat Hotel located on West 53rd Street between Fifth and Sixth Avenue, on the site of the former Donnell Library across the street from the Museum of Modern Art. When completed the property will have a total of 115 luxury hotel rooms and 64 luxury residential condominiums.
Starwood Capital Group and its joint venture partner Toll Brothers will begin construction of the 1 Hotel in Downtown Brooklyn in the Brooklyn Bridge Park. When completed the development will include a 200 room hotel and 160 unit condominiums.
The 18 stories, 106 room, Wyndham Garden Chinatown Hotel at 93 Bowery at the corner of Bowery and Hester Streets is scheduled to open on November 1st.
Chesapeake Lodging Trust has announced that New York City's second Hyatt Place will open in late 2014. The Hyatt Place Times Square will have about 130 rooms and located on West 41st between Sixth Avenue and Broadway.
The Hyatt Place Midtown South, a 185 room room hotel at 52-54 West 36th Street between Fifth and Sixth Avenue. The hotel is now accepting reservations for December 31, 2012.