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December 2007

December 2007 » Market Analysis » NY New Developments

December 2007 New York New Developments


New Developments


New York City Hotels For Sale:
The Hotel industry has been largely unaffected by the credit crisis as record-breaking occupancy and room rates moderate overall industry conditions.
V3 Hotel Management purchased 237 Duffield Street for $9.5 million and is planning a $40 million, 22-story luxury hotel, with 180 rooms and 17,000 square feet of retail space. John Lam is building twin hotel towers half a block away, a Sheraton and an "Aloft" hotel.
Andre Balazs, , wants to sell to sell Hotel QT of New York, and the three Standard Hotels in Los Angeles, Hollywood and Miami. As a condition of the sale, Andre Balazs Properties would continue to manage and operate the hotels, command an average nightly room rate of $227 and an 80% occupancy rate.
The Times Square Comfort Inn was sold to Gemini Real Estate Advisors for $31.7 million. The 78-room hotel at 42 West 35th Street.
Local and international investors are actively looking for prospective hotel sites in NYC. 15,000 rooms in more than 100 new hotels are being planned or built in the city. The average daily rate for New York City hotels in June 2007 was up 12.2 percent from the same period last year.
Ilan Bracha is planning a 120-key boutique hotel at 16-18 West 57th Street for 57th Street just west of Fifth Avenue. Bracha purchased the 100,000-square-foot property in August for $60 million.
16-18 West 57th Street, between Fifth and Sixth Avenues, a 100,000-square-foot property, was bought for $60 million and is being planned to be a 120 key boutique hotel for 57th Street.
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