And even as the city’s tourism industry continues to recover after the Great Recession, developers are betting that the there’s room for further growth. More than a dozen new hotels have recently opened or are under construction here including projects by Virgin Hotels, Langham and Loews in addition to a variety of smaller, boutique operators.
The New York Times took a look at all the action in a comprehensive story yesterday and talked to JLL Hotels Managing Director Adam McGaughy about the reasons for the boom. Here’s what he had to say:
“The city exceeded its 2007 occupancy peak of 74.4 percent last year and there’s lots of room for average daily rate growth. When that happens, new supply starts to become part of the conversation.”
To read the full Times story, click here.