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Lodging Development Group Releases 2012 Manhattan Lodging Report

 

Projected 2013 openings on pace to approach 2010 peak of 5,500 new guest rooms

64 properties, comprising 13,693 guest rooms, are under construction, approved or in active permitting


ALEXANDRIA, VA, April 10, 2012 -- Lodging Development Group, the industry’s leading source for hotel real estate intelligence, has released its 2012 Manhattan Lodging Report. Based on actual permit and construction activity, the report identifies 64 properties comprising 13,693 guest rooms that are now under construction, approved or in active permitting in New York City's Manhattan borough.

 

New Hotels Opened/Opening 2008-2012
    Rooms Properties
  Opened 2008 1,732 12
  Opened 2009 3,808 21
  Opened 2010 5,519 24
  Opened 2011 1,567 8
  Opened/Opening 2012 2,319 17
  Opening 2013 - 2014 7,108 31
       
  Total 22,053 113

 

Just eight hotels containing 1,567 guest rooms opened in 2011, down from a peak of 24 hotels and 5,519 guest rooms reached in 2010. Half of the properties opened in 2011 (Mondrian SoHo, Yotel Times Square, Dream Downtown and Hyatt 48 Lex) represented 88% of the new guesrooms added that year. Each of these four hotels had started construction prior to the September 2008 Lehman Brother bankruptcy and was delayed for a period of time thereafter.

There are now 45 hotels under construction in Manhattan, containing a total of nearly 9,000 guest rooms. Of these, 14 properties (1,856 rooms) are expected to open during the remainder of 2012 and 31 additional hotels (7,108 rooms) are expected to open in 2013-2014. 

Twelve properties, comprising 1,888 guest rooms, have building permits or approved building plans but have not started construction. An additional 21 properties, representing 3,208 guest rooms, are in various stages of active permitting for new hotel construction, expansion or conversion.

 

Hotels Approved & In Permitting
    Rooms Properties
  Approved/Permitted 1,888 12
  Approval Pending (Permit Activity in 2011/2012) 3,208 21
  Construction Suspended 274 3
       
  Total 5,366 36

 

Three additional projects that began construction in 2008 remain halted due to zoning or financing issues. These three hotels contain a total of 274 guest rooms.

Hotels Opened in 2011
  Hotel Name Hotel Type Rooms Address Neighborhood Opened
             
  Mondrian SoHo Full-Service 270 150 Lafayette Street SoHo Feb 2011
  The Nolitan Boutique 55 30 Kenmare Street Nolita Mar 2011
  Hotel Verite Boutique 21 893 Broadway Greenwich Village May 2011
  Yotel Times Square Limited-Service 669 570 Tenth Avenue Midtown West Jun 2011
  Dream Downtown Full-Service 316 355 West 16th Street Chelsea Jun 2011
  Flatiron Hotel Boutique 64 9 West 26th Street Chelsea Aug 2011
  Hotel Americano Chelsea Boutique 56 518 West 27th Street Chelsea Sep 2011
  Hyatt 48 Lex Full-Service 116 517 Lexington Avenue Midtown East Oct 2011


           
Hotels Under Construction & Opened/Opening Early/Mid 2012
            Opened/
  Hotel Name Hotel Type Rooms Address Neighborhood Opening
             
  Holiday Inn Midtown-31st Street Full-Service 122 30-32 West 31st Street Garment District Jan 2012
  TRYP Times Square South Select-Service 173 345 West 35th Street Garment District Feb 2012
  The NoMad Hotel Full-Service 168 1164 - 1170 Broadway Chelsea Mar 2012
  Wyndham Garden Chinatown Select-Service 106 93 Bowery Chinatown Jun 2012
  Hyatt Union Square Full-Service 175 132 4th Avenue Greenwich Village Q2 2012
  Howard Johnson Chinatown Limited-Service 43 5 Allen Street Chinatown Q2 2012
  Holiday Inn Express Midwown W Limited-Service 186 538 West 48th Street Midtown West Q2 2012
  Buckingham Hotel Full-Service 140 101 West 57th Street Midtown West Q2 2012
  Days Inn - Hell's Kitchen Limited-Service 88 548 West 48th Street Midtown West Mid 2012

 

The full 2012 Manhattan Lodging Report provides complete profiles for more than 90 properties in various stages of development or recently opened, including contact information for project owners, developers, architects and builders.

 

 

 

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