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Kimpton aims for 10 more NYC hotels in next 10 yearsNYHTC - March 7, 2011
San Francisco-based Kimpton Hotel & Restaurant Group, LLC, is planning on operating an additional 10 hotels in New York City within the next decade, according to an article on the Bloomberg Businessweek website. The company currently operates the Ink48, 70 Park Avenue, the Muse, and Eventi, all of which are union shops in Manhattan.
The city's high occupancy rate is significantly higher than the average occupancy rate of the top 25 U.S. markets, according to Smith Travel Research Inc., an expert on the industry. In explaining the company's interest in Manhattan, Michael Depatie, CEO of Kimpton, described the demand in the city as "insane." The company plans to "convert existing boutique hotels 'that need new management,' renovate vacant buildings, or build from the ground up."
Brandt, Nadja. Kimpton Plans to Add 10 Hotels in New York City in Coming Decade. Bloomberg Businessweek. January 24, 2011.