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NYC Hotel Industry Expands Beyond Manhattan

New York City’s hotel industry continues to see significant growth, with the trend of new properties opening in the boroughs beyond Manhattan of the Bronx, Brooklyn, Queens and Staten Island continuing as well.

Approximately 40% of the City’s 2011 hotel openings will be in boroughs beyond Manhattan. Since 2008, 42% of the new properties built in New York City have been located in boroughs beyond Manhattan, with the majority in Queens (22%), followed by Brooklyn (15%), Bronx (3%), and Staten Island (2%). New York City is the fifth-largest hotel market in the US, but has the most rooms under construction. It is on track to add approximately 5,850 rooms in the boroughs beyond Manhattan in just over four years. The City continues to see increased demand from international markets, including Australia, South Korea and Brazil, for both leisure and business travel. New York City’s hotel inventory offers a wide range of options for all types of visitors, with occupancy rates remaining above the national average. In 2010, the City’s occupancy rates averaged 85%, with an ADR of $255.

“In recent years hotel development in New York City has stayed ahead of the rising demand for accommodations in all five boroughs and at all price points,” said Deputy Mayor for Economic Development Robert Steel. “Between January 2008 and December 2010, the City experienced the most rapid and successful hotel-building boom, with an almost 24% increase in accommodations, including many new properties opening in boroughs beyond Manhattan, in Brooklyn, Queens, Staten Island and the Bronx. During this development, occupancy rates and ADR have remained strong, a remarkable accomplishment.”

“The City welcomed 48.7 million visitors in 2010, a record for the City’s tourism industry,” said George Fertitta, CEO of NYC & Company. “Hotel development is an important part of attracting domestic and international visitors to New York City. The rise in development activity reflects the strong demand for accessible accommodations in all five boroughs. We encourage visitors to stay at properties in the Bronx, Brooklyn, Queens and Staten Island as a new way to experience New York City and take advantage of the affordable hotel options across the City.”

The City currently has approximately 86,230 rooms in its active inventory and is expected to reach almost 90,000 rooms by the end of 2011, with 40 projects slated to open between 2011 and 2013. Even with additional hotel room inventory, early 2011 performance shows the City’s hotels absorbing the increased demand for hotel rooms, keeping occupancy rates and ADR on track to meet or exceed seasonal performance. Occupancy in April 2011 rose to an estimated 88% with ADR at $263.

Photo: © NYC & Company and Alex Lopez