Revitalized Spring and Summer NYC Hotel Market Report
Domain Properties Reports on Revitalized Spring and Summer Manhattan Hotel Market
Domain Properties, a dynamic key player in the New York City hotel market, has released an eye-opening report about this revitalized industry. Spring 2011 brought a record level of activity in NYC hotel transactions. The city's hospitality sector is expected to gain even more strength during the summer months.
New York, NY June 17th, 2011 – Over two decades, Domain Properties, a New York hotel industry experts, have seen their share of excitement about the NYC hotel sector. Yet according to their latest report, this experienced team has never witnessed such vast opportunities and tremendous activity in the New York City hotel market. Domain Properties outlines comprehensive data about hotel deals during spring 2011 and the results are overwhelming even to the most seasoned industry professional. New York City is a market in the midst of strong recovery and intense growth.
Executives at the recent 33rd annual New York University International Hospitality Industry Investment Conference in New York City attested to the current strength of the NYC market. The main message to emerge from the world's premier conference dedicated to the hospitality sector – perfect timing for hotel investments.
Investors are showing renewed interest in the city's hotels. Even if specific properties had run into problems in the past, smart investors are still ready to take on NYC hotels. The current state of the market presents opportunities for hotel buyers and sellers.
At the beginning of June, Yotel, the European pod hotel chain, paid $263 million for space in the Related Companies' MiMA tower at 440 West 42nd Street. Yotel has opened its doors to a 669-room hotel offering 170 square-foot guest rooms for about $150 per night. The remainder of the 60-storey tower includes 500 rental units, 151 condos, 23,000 square feet of amenities, and 13,000 square feet of retail space.
Recently, the 597-room Paramount Hotel, landmark boutique hotel, sold to developer Aby Rosen. The purchase price was $275 million. The new owner sees tremendous potential in the Paramount (one of the first hotels opened by former nightclub impresarios Ian Schrager and Steve Rubell) and plans to restore the property to reflect its 1980s glory days.
Latest News: Pebblebrook Hotel Trust (PEB) agreed to pay $152 million for a 49% stake in six upscale hotels in Manhattan through a joint venture with affiliates of privately held Denihan Hospitality Group Among Them Benjamin located at Lexington Avenue and 50th Street 209-room Affinia Dumont in Murray Hill Affinia Gardens on the Upper East Side Affinia 50 in Midtown Manhattan Affinia Manhattan, located on Seventh Avenue near Madison Square Garden.
Latest News: New World Hospitality to Add Rosewood Hotels & Resorts Brand to its Portfolio of which The Carlyle Hotel is part of Rosewood Hotels & Resorts portfolio.
Hotel buyers in New York City can get terrific deals. Investors become players in the ever-strengthening hotel market. The Cooper Square Hotel is one of the present choices for NYC hotel buyers.
This property struggled previously during the recession. Yet in this current market, the Cooper Square Hotel is expected to bring in a price of more than $80 million. With its latest report, Domain Properties reminds buyers and sellers about basic facts concerning the New York City hotel market.
"Hotel owners will face competition but the NYC market can handle the influx of new hotels," explains Domain Properties.
Domain Properties Spring/Summer Report states, "Hotel profitability should not be a concern to New York City owners."
Manhattan is the leader in hotel transactions across the nation with year-to-date sales over $1 billion (a quarter of national upscale urban hotel trade volumes). Domain Properties offers expert hospitality valuation and advisory services about the NYC market. This professional team knows the New York City hotel industry and recognizes the tremendous potential of its hospitality sector. Their recent research indicates that one major factor is encouraging the current ho