{"id":1004053203,"date":"2011-10-30T07:47:16","date_gmt":"2011-10-30T15:47:16","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=22405"},"modified":"2022-12-08T18:53:27","modified_gmt":"2022-12-09T02:53:27","slug":"new-york-hotels-are-cheaper-to-build-than-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/","title":{"rendered":"New York Hotels are Cheaper to Build than Buy"},"content":{"rendered":"<p style=\"text-align: justify\">By Veronica Grecu, Associate Editor<\/p>\n<p style=\"text-align: justify\">Strange as it might seem, New York\u2019s hospitality industry is heading toward a construction boom similar to pre-recession times. Around 50 new hotels are expected to open by the end of 2013 in the Big Apple, and 68 more are scheduled for completion in 2014, reports <em>Bloomberg,<\/em> quoting data revealed by hotel-consulting firm Lodging Econometrics. As compared to 2008, when only 25 new hotels were opened, or 2009 with 27 hotels, Lodging Econometrics\u2019 predictions are gratifying to say the least.<\/p>\n<p style=\"text-align: justify\">Also strange&#8211;but perfectly fitting the current economic facts&#8211;is the fact that at the moment it\u2019s cheaper to construct new buildings than buy existing ones in New York. Redevelopment of old office buildings or demolition of existing structures can be viable options as well.<\/p>\n<p style=\"text-align: justify\">One such new development is the 210-room Park Hyatt Hotel, which\u00a0is being built by Extell Development Co. on West 57<sup>th<\/sup> Street, says <em>Bloomberg<\/em>. The facility will also feature 135 condominiums. A former office building at 960 Sixth Avenue is being redeveloped by Hidrock into a Courtyard-branded hotel at a cost of $72 million. Also worth mentioning is the 68-story property that is currently being developed by Granite Broadway Development and Marriott International Inc. at Broadway and 54<sup>th<\/sup> Street. According to <em>Bloomberg<\/em>, the property will have a Courtyard-branded facility and a Residence Inn hotel, both of which are scheduled to open toward the end of 2013.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Veronica Grecu, Associate Editor<br \/>\nStrange as it might seem, New York\u2019s hospitality industry is heading toward a construction boom similar to pre-recession times. Around 50 new hotels are expected to open by the end of 2013 in the Big Apple, [&#8230;]<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1600,21742],"tags":[],"class_list":["post-1004053203","post","type-post","status-publish","format-standard","hentry","category-new-york","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>New York Hotels are Cheaper to Build than Buy - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Hotels are Cheaper to Build than Buy\" \/>\n<meta property=\"og:description\" content=\"By Veronica Grecu, Associate Editor Strange as it might seem, New York\u2019s hospitality industry is heading toward a construction boom similar to pre-recession times. Around 50 new hotels are expected to open by the end of 2013 in the Big Apple, [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2011-10-30T15:47:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:53:27+00:00\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/\",\"name\":\"New York Hotels are Cheaper to Build than Buy - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"datePublished\":\"2011-10-30T15:47:16+00:00\",\"dateModified\":\"2022-12-09T02:53:27+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-york-hotels-are-cheaper-to-build-than-buy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"New York Hotels are Cheaper to Build than Buy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/e8362e8641769829162f16fe58091f62\",\"name\":\"Veronica Grecu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/Veronica_Grecu.jpg?w=93\",\"caption\":\"Veronica Grecu\"},\"description\":\"Veronica Grecu is a senior creative writer and researcher for RentCafe. 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