With the recent resurgence of the area as a viable economic engine, the hospitality industry is undergoing a surge of growth. Several new hotel projects broke ground in the past year, and Lower Manhattan’s hotel market stands to grow even further with many more projects in the pipeline for development.

There are currently 2,197 hotel rooms across 10 hotels in downtown’s inventory. By 2010, the number of hotel rooms in the district will more than double, with the addition of more than 2,800 rooms in 21 new hotels, bringing Lower Manhattan’s total inventory to more than 5,180 rooms.

Demand for hotel rooms remains strong in Lower Manhattan, with occupancy rates at approximately 85 percent. Some of downtown’s hotels regularly enjoy occupancy rates of more than 90 percent.

Demand for lodging in Lower Manhattan is likely to grow greater still, as a result of increased strength anticipated in New York City’s overall tourist market and an inadequate supply of hotel rooms citywide. Additionally, long-term lodging demand is also expected to grow increasingly strong in Lower Manhattan as the residential and office populations continue to expand and as construction progresses at the World Trade Center and other projects.

Click on the links below to learn more about hotel projects currently underway:

• 370 Canal Street (Sheraton)
• 20 Maiden Lane (Wyndham Garden)
• 8 Stone Street (Doubletree)
• 111 Washington Street
• 123 Washington Street (4 Albany Street)
• 124 Water Street (Holiday Inn Express)
• 50 West Street