Tourism Industry News
Room for All? Rush of Hotels Check Into City
Michael Achenbaum plans to open his second luxury hotel in Manhattan on July 26, unveiling a 249-room Gansevoort hotel at the corner of 29th Street and Park Avenue similar to his original Gansevoort operating in the Meatpacking District.
He'll have a lot of company. This year, developers are on track to open the largest number of new hotels in New York City in several decades. All told, the 44 hotels with 7,561 rooms slated to debut this year amount to an 8.5% expansion of the city's room supply, according to hotel-research company Lodging Econometrics. That wave comes as the number of hotels nationally is expanding at a pace of only 1.6%.
Get the full story at: WSJ