With 65 Projects, New York Leads US Cities in Hotel Growth
As goes New York City, so goes the rest of the United States. This is true with so many things, and it seems to be particularly true this year with hotel growth. New York currently has 65 new hotel development projects underway, placing it at the forefront once again of the United States hospitality industry.
In the wake of all this development, risk of recession for the New York hotel market has shrunk to 38.3 percent, down from its summertime peak of 41.5 percent, and its even loftier spring apex of a whopping 54.7 percent. Experts are attributing the growth of hotel properties and the decrease in the risk of a recession to advances in recent months by the markets that send the most visitors to New York City, including the UK, Canada, Germany and France.
Maria Sogard, the CEO of e-forecasing.com said as much in a statement.
"Four of the top five markets that visit NYC hotels continue to advance (the UK, Canada, Germany and France in order of growth) and our statewide New York leading indicator also showed improvement over the last few months," Sogard said. "Our latest forecast called for strong oADR growth in 2017 at 12.2%."
On Tuesday, Republican nominee Donald Trump won the US presidential election, which briefly sent international markets into a small spiral. On Wednesday, the markets rose a bit, but there is still much uncertainty surrounding the global economy in the wake of Trump's victory. However, even if his win harms the overall economy, many experts believe it may be good for US travel. A weaker US dollar would mean an influx of international visitors to New York City from abroad. With all the new hotels under construction, New York would certainly be equipped to handle such an increase.
Some of the more notable properties that are currently under construction or in the planning or pre-planning phases in New York City include The Bryant, W Hotel Manhattan at Times Square, Renaissance Manhattan Chelsea, Hard Rock Hotel New York City, and Jade Hotel Bryant Park. The 65 projects that are currently underway in New York City are projected to add an additional 16,917 rooms.
The other fastest growing hotel market include Miami, Chicago, Nashville, Orlando, Dallas, Los Angeles, Seattle, Charlotte, and Houston. Miami and Chicago round out the top 3, with Miami currently building 34 projects containing 9,861 new rooms, and Chicago building 25 projects with 5,814 rooms. Nashville is number 4, which makes it an outlier given its status as a smaller city than those above it. Nashville is currently undergoing 25 projects to add 5,085 rooms.
More about hotel constructions in the USA can be found on the website of TOPHOTELPROJECTS, the specialized service provider in the exchange of cutting-edge information in the international hotel industry.
Lennart Kooy
associate partner TOPHOTELMEDIA
TOPHOTELPROJECTS
