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City to build 5,000 hotel rooms as tourism booms.

Fuelled by record visitor volume, a thriving economy and significant additions to the tourism product, New York City is adding nearly 5,000 new hotel rooms to its current inventory of 70,723 by the end of 2007.

Hoteliers are developing properties that represent exciting new trends in New York City's hotel product, such as chic budget, sophisticated boutique and comfortable value-priced hotels.

Development patterns show the strength of downtown Manhattan, Harlem, Brooklyn and Queens as visitor destinations, with 18 properties slated for construction or renovation in these areas.

In addition to new properties from the Marriott, Hilton and Starwood brands, celebrity hoteliers including Andre Balazs (The Standard), Ian Schraeger (Gramercy Park Hotel), Jason Pomeranc (6 Columbus Circle and to be named Allen Street), Vikram Chatwal (The Night Hotel) and Robert De Niro (The Down town Hotel) are investing in New York's tourism product.

The City is expected to close 2005 with an 87% occupancy rate and 22 million room nights booked, an increase of one million over 2004.

"Many of the new properties, in diverse locations such as Staten Island, TriBeCa, the Lower East Side, Queens and Harlem, will anchor the start of economic and business development in these exciting new neighborhood destinations and will introduce global visitors to new experiences in the Big Apple," said Cristyne L. Nicholas, president and CEO of NYC & Company.

Tourism is a powerful economic engine for New York City that generates $21 billion in direct spending, $12 billion in wages and $5 billion in city, state and federal tax revenues. New York City welcomed nearly 40 million visitors in 2004, whose spending helped support over 300,000 jobs in all five boroughs.

Among the new hotels under development right now are the following properites:

Blue Moon Hotel, containing 22 suites at 100 Orchard St., will be Manhattan's only kosher hotel. The property will be located in a beautifully restored tenement building and will open in 2005.

The Hampton Inn Manhattan/Seaport at 320 Pearl St. will contain 65 rooms and open in December of 2005.

Vikram Chatwal's The Night Hotel will contain 72 rooms at 132 W. 45 th St. and will also open in December of this year.

The first New York Residence Inn by Marriott, at West 39th Street and Avenue of the Americas, will be an extended stay, 357-suite hotel and will be built as part of the Bryant Park Tower.

The Courtyard by Marriott, at 410 E. 92nd St., will contain 210 rooms and 16 suites and is scheduled to open in early 2006.
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Title Annotation:Construction & DESIGN
Publication:Real Estate Weekly
Date:Nov 30, 2005
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