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Money

Despite Economic Downturn, NYC Hotel Industry is Growing

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Good news for the hotel industry in New York.  According to recent statistics, the hotel industry is growing and thriving.  And it's doing so in unlikely locations - not just in the heart of downtown Manhattan.

The Aloft Harlem, for instance, opened last year just two blocks from Harlem's Apollo Theater.  Its opening offered Harlem its first major hotel in over 40 years - and stands as a symbol of diversity and health for the New York hotel market.

As Brian McGuinness, the SVP of Specialty Select Brands explained, the hotel even has a special keyless entry system for users.

Similarly, the newly renovated Washington Jefferson Hotel owned by Shimmie Horn is booming in one of New York's most unlikely of locations - the Hell's Kitchen neighborhood.  More corporations have, of late, been snapping up real estate in this once run-down area and revitalizing the neighborhood.  The hotel interior design, renovated by Jorge L. Portero, shows the dynamic energy and the economic commitment of owners like Shimmie Horn in the most unlikely of places.

Another example is near the Port Authority and the new New York Times building, which used to be a less than desirable location.  There are now many hotel options, including Staybridge Suites, Four Points by Sheraton, Holiday Inn Express and Fairfield Inn.

Even with the downturn in the economy, the hotel industry in New York is booming.  A reported 48.7 million visitors came to the Big Apple in 2010, an increase of 6.8% over 2009.  According to Mayor Michael Bloomberg's office, this number is projected to hit 50 million a year by 2012.

And New Yorkers are looking for a more economically feasible experience, which often includes staying in off-the-beaten path locales. 40% of the hotels projected to open in 2011 are in New York's outer boroughs, which includes Queens, Brooklyn, the Bronx and Staten Island. The New York tourist experience is expanding past Broadway, and bringing a much-needed influx of boutique hotels and affordable rates in the most unlikely of areas.

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