March 06, 2005
NYC's lost 3,300 hotel rooms to condo conversions
Because so many hotels are going for the quick buck and converting rooms into condos, the city "appears to have lost more than 3,300 rooms in the past few years," the New York Times reports. While the city lost 1,093 rooms in 2004, it gained only 339 through new construction. In addition to The Plaza's condo plan, other considering conversions, according to the paper, are Plaza Athenee, the Warwick, the InterContinental Barclay, the Doral hotels, the Radisson on Lexington Ave., a small hotel in Times Square and one in Chelsea.
Although there are several big hotels under construction or expansion, occupancy rates have gone up in the past couple years, pushing the average nightly rate up to $212.
Earlier: Hotels going condo can't keep pace with demand
Hundreds rally in protest of The Plaza's condo plan
March 6, 2005 04:19 PM in Hotelology
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