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MAYOR BLOOMBERG ANNOUNCES REVISED 2011 NEW YORK CITY TOURISM FIGURE – RECORD 50.5 MILLION VISITORS, HIGHER THAN PREVIOUS ESTIMATE.
New Year-End Figure is Higher than the 50.2 Million Estimated in December.
New York City Mayor Michael R. Bloomberg and NYC & Company, New York City’s official marketing, tourism and partnership organization, today announced that the City ended the year with a new record 50.5 million visitors, slightly higher than the 50.2 million estimated visitors announced in December.
“The tourism industry remains a bright spot for New York City, contributing to more than 320,000 jobs across the five boroughs,” said Mayor Bloomberg. “We not only achieved our goal to attract 50 million visitors a year ahead of schedule, we beat it by even more than we originally thought. The city’s diverse offerings, events and activities combined with a high quality of life continue to make New York City the world’s premier destination for both leisure and business travelers.”- Mayor Bloomberg
Hotel Investment – On the Rise in New York City
NEW YORK—After two strong rebound years, the volume of hotel transactions in New York reached an all-time record high in 2011. Eighteen transactions, comprising nearly $3.5 billion in assets traded, representing a 150 percent increase over 2010 volume, according to preliminary numbers from Jones Lang LaSalle Hotels’ Hotel Intelligence New York report.
Real Estate Sales NYC has Experienced Real Estate Agents Who Specialize in Hotel Sales in New York City. We have ON Market Properties, OFF Market Deals, Manhattan Hotel Development and New Construction Deals.
Key metrics contributing to New York’s place as the top ranking global market for hotel transactions in 2011 and 2012 include:
Private equity, institutional and off-shore buyers are poised to dominate the hotel acquisition landscape in Manhattan.
The city will continue to be one of the most attractive hotel investment markets for public REITs. As such, when liquidity returns to the public markets, REITs will once again turn to New York for acquisition targets.
New York’s hotel transaction volume in 2011 represented more than 20 percent of the total United States transaction activity.
Room supply is expected to increase by 3.4 percent with 17 new hotels totaling 2,700 new rooms expected to deliver in 2012.
The famous New York Helmsley has been sold for $310 million to Host Hotels and Resorts. The company plans to spend $50 million on renovations. The 773-room E. 42nd St. hotel near Third Ave is part of the Harry Helmsley real estate legacy.
On January 26, boutique hotel owner and operator Morgans Hotel Group Co (MHGC.O) announced that they were selling two of its NYC hotels. Jones Lang LaSalle Hotels is handling the sale of the Royalton and Morgans hotels for the company which had total liabilities of $801.2 million (as of November 30, 2010). According to Reuters data, its market cap is $282.2 million.
On January 25, Choice Hotels International announced that the first two Cambria Suites would open in Chelsea and Times Square, NYC, in early 2013. With 194 suites, the Times Square hotel will be the largest Cambria Suites hotel to date.
On January 18, the DiamondRock Hospitality Company announced that it would acquire a NYC hotel property upon its completion in 2013. The development is underway at West 42nd Street in Times Square. Depending on the final number of guest rooms, the purchase price will range from $112.5 million to $135 million or almost $450,000 per room.
In early January, RLJ Development bought the Doubletree Metropolitan Hotel in Midtown for $335 million. The hotel sellers, Highgate Holdings, Goldman Sachs Group Inc.’s Whitehall Real Estate Funds and Rockwood Capital LLC, made a hefty profit. The Whitehall-led group bought the hotel in 2003 for $110.5 million and spent $35 million on renovations.
LIST OF HOTELS IN MANHATTAN NEW YORK
|Address||Building Name||Neighborhood||Building dimensions||Floors||Built in:||Most Recent Sale Date & Price|
|790 Seventh Ave New York NY 10019||Sheraton City Squire Hotel||Midtown||196 ft x 163 ft.||22 Stories||1962||10/2/2012 Sold Price $235,100,000|
|57 East 57th Street
New York, NY 10022
|Four Seasons Hotel||Midtown||115 ft x 200 ft||52 Stories||1993||N/A|
|400 5th Avenue New York NY 10018||400 5th Avenue||Midtown South||132.13 ft x 125 ft||58 Stories||2010||N/A (Hospitality and Condominium Building)|
|123 Washington Street NY 10017||W New York Downtown Hotel and Residences||Financial District||60 ft x 110 ft||57 Stories||2010||N/A|
|301 Park Avenue, Midtown New York NY 10022||Waldorf Astoria||Midtown||200.83 ft x 405 ft||47 Stories||1931||10/24/2007 Sold Price $572,343,007|
|835 Avenue of the Americas New York NY 10001||Eventi||Midtown South||197.5 ft x 139.5 ft||53 Stories||2010||N/A (Hospitality Building)|
|153 West 54 Street New York NY 10019||The London NYC||Midtown||200 ft x 100.42 ft||54 Stories||1990||3/15/2001 Sold Price N/A (Hospitality and Condominium Building)|
|55 Church Street New York NY 10007||The Millenium Hilton||Financial District||71.17 ft x 156.58 ft||59 Stories||1992||6/17/1994 Sold Price N/A|
|1567 Broadway New York NY 10036||W Times Square||Midtown||N/A||53 Stories||2001||N/A (Hospitality and Condominium Building)|
|1535 Broadway New York NY 10036||New York Marriot Marquis||Midtown||80.08 ft x 148.92 ft||56 Stories||1985||12/30/2009 Sold Price N/A (Hospitality and Condominium Building)|
Real Estate Sales NYC has Experienced Real Estate Agents Who Specialize in Hotel Sales in New York City. We have ON Market Hotels and OFF Market Deals. Contact Our Hotel Specialists about All ON Market, OFF market, Manhattan Hotel Development and New Construction Deals Today.
The above list is for building information and not relevant to current sales.
All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description.