cpnews Posted November 6 Report Share Posted November 6 No one enjoyed the construction boom more than the hotel industry. Cheap loans and an influx of tourists taking advantage of a weak dollar created a hotel construction bonanza that may never be seen here again, with visitors barely batting an eye at room prices pushing $500 a night. But the pending recession and expected drop off of international visitors will probably end the construction boom, and the number of glitzy hotel openings is about to wrap up. So is there anything left to be excited for? Our friends at Curbed tackled the soon to open Cooper Square and semi-opened Thompson LES this week (complete with Andy Warhol pool). Then there is the still under construction Mondrian NYC, Gansevoort Park Ave, and the star studded Ace Hotel, which is gunning for a February 1st unveiling. But after that, the good times may indeed be over. Industry experts tell us that City has never had so much inventory, which was great when every Irish person with a passport was willing to shell out $400 a night. But expect rates to soften and vacancies and weekend specials to increase, as operators hope to generate enough revenue to pay off their debt load. And if that happens, expect developers to unload property or hold off until the residential market strengthens, at which time they can make a move to greener and more lucrative pastures.More... Quote Link to comment Share on other sites More sharing options...
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