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
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: