America’s best performing market saw a hiccup early this year, and it’s not very hard to see why—during the past 12 months New York City added 37 hotels with 5,638 rooms, which is more than any other top U.S. market.
For more about how this supply deluge is impacting performance, take a look at Shawn A. Turner’s story today about the market. For more about the pipeline, keep reading this blog …
New York also has the largest active pipeline in the United States. As of April, New York has 173 hotels with 20,650 rooms in the active pipeline, according to STR/McGraw-Hill Construction Dodge, so no one is pumping the brakes any time soon. If everything planned to open in 2011 comes to fruition, this would be a 4.2% increase in supply for the market. Let’s hope the recovery stays on track!
The existing supply is 538 hotels with 99,406 rooms as of April 2011, according to STR.
There are 53 projects with 6,712 rooms alone in the In Construction phase right now—so expect to see some scaffolding if you’re in town. This will also make the annual NYU conference in June a good time to go hotel sight-seeing.
Some of the notable upcoming openings:
aloft New York Brooklyn (June)
Yotel New York Times Square (June—also the largest upcoming property with 669 rooms)
The NoMad Hotel (June)
Dream Downtown (June)
Holiday Inn New York Midtown (June)
Hyatt 48 Lex (July)
TRYP New York City Times Square South (July)
Got any hotel openings that you’re looking forward to? Share with us below.