Rendering of the Four Seasons at 30 Park Place
By: Claire Moses | The Real Deal
Hotels are booming in Lower Manhattan.
An increasing number of hotels are in the works in the area and activity at existing hotels is strong, according to data from lodging industry firm STR cited by the New York Observer. Roughly 3,292 rooms divided across 17 projects will be added to the area in the near future. This is a 30 percent increase in hotel count — last year there were 13 projects — and a 35 percent increase in rooms, which was 2,431 in 2013.
Silverstein Properties is planning to open a Four Seasons at 30 Park Place. Aloft Manhattan Downtown is scheduled for January 2015 on Ann Street and two Courtyard by Marriott hotels are also slated to open.
The Lower Manhattan occupancy rate rose 1.5 percent to 84.4 percent, according to the Observer. The average daily rate rose 0.6 percent and the number of available rooms was up 1.7 percent. Total room revenue was up 3.8 percent to 219.5 million.