Lately, we’ve noticed a rise in New York City housing. And hotel establishments are following closely in these footsteps, especially in Downtown Manhattan. According to a recent article, the city has undergone the largest hotel boom in history.
On this side of town, the city has added over 18,000 rooms since 2010 while 12,600 are currently under construction (in other words, we are looking at a 28 percent increase). Soon, Downtown Manhattan will offer over 36,000 places for tourists and visitors to sleep. Most of these hotels are being built in the Financial District and the Lower East Side, stepping away from Midtown, where many lodges have already been established.
Of these NYC hotels, the first was established by InterContinental Hotels Group, who introduced the tallest Holiday Inn in the nation – a 50-story building in the Financial District with roughly over 450 rooms. Next was the Orchard Street Hotel on the Lower East Side.
Mark VanStekelenburg, managing director of PFK Consulting USA’s CBRE Hotels division told the New York Post that there is a “significant need for additional hotel product in Lower Manhattan.” He continues to explain, “The market has historically been underserved by hotel rooms, and the new supply is very broad in product type and brand, resulting in new marketing distribution and access to new frequent guest programs.”
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Every NYC project, including hotels, needs a special inspection agency to make sure the plan is being executed according to the NYC building codes. AM & Associates is your source for special inspection services in New York and the entire metropolitan area. With over 30 years of experience, we are known for both our high standards and specialized services. We have supported the work of some of the largest and most prestigious developers, retailers, and more. Call us today at 212.867.6720 for more information.