All places must have a declining real estate except Manhattan's. Reports say that it is currently experiencing a historic hotel boom.
With its hotels rising rapidly across the county, the downtown Manhattan deserves to be called "the city's biggest hotel boom ever" as The Real Deal reported.
Mark VanStekelenburg, managing director of PFK Consulting USA's CBRE Hotels division said in the New York Post that the city's additional 18,000 or more rooms since 2010, and 36,000 rooms in the pipeline, with 12,600 of those rooms under construction currently, have made the city's hotel booming the largest in Manhattan's real estate history. He then added that the financial district and Lower East Side of the city have the majority of the constructed new buildings.
"Lower Manhattan hosted 6,300 of these new rooms, a 28 percent increase, since 2010, with another 10,700 rooms in the pipeline, of which 5,600 are under construction, representing 26 new hotels," said VanStekelenburg.
New York Real Estate News specifies the beginning of the boom a year ago when the tallest Holiday Inn in the world with 50 stories and 492 rooms located in 99 Washington Street was debuted by the InterContinental Hotels Group. The Orchard Street Hotel located at 163 Orchard Street, Hotel Indigo at 171 Ludlow Street, and the Q&A Residential Hotel at 70 Pine Street followed this grand debut.
YIMBY reported that another hotel, which name is not yet publicized, with 40 stories and 164 rooms or suite designed by the Flag Luxury Properties, has been filed at 1185 Broadway just last week.
Moreover, Ace Hotel is being rumored to have been planning a sub-brand project next to the landmarked Bowery Mission headquarters, specifically at 229 Bowery as reported by Bowery Boogie.
The historic booming of hotels in Manhattan has resulted in new marketing distribution and to new guest programs frequenting the city, VanStekelenburg added through the New York Post.
