Number of hotels in Lower Manhattan triples

NYHTC — September 14, 2011

The Alliance for Downtown New York has released a report on the condition of Lower Manhattan ten years after its devastation on September 11, 2001. The comprehensive report analyzes a range of data from a variety of areas, including tourism and the hotel market. It concludes that Lower Manhattan has made a stunning recovery, one remarkable in terms of both growth and momentum.

The figures regarding the expansion of the hospitality industry in this relatively small area will be of particular interest to all NYHTC members. The figures in the report and an Alliance hotel inventory fact sheet evidence the record-breaking rate at which hotels have been going up in Manhattan in recent years. Regrettably, however, most of the new hotels in Lower Manhattan are non-union; they undermine our union's density and play a role in driving down wages for New York City hotel workers.

According to the report, the number of hotels in Lower Manhattan tripled since 2001, going from six to 18. The number of hotel rooms rose to 4,092 from 2,300. In 2010 alone, five new hotels opened. In addition, there are at least seven hotels in various stages of development, including four already under construction. When they are completed, the number of hotel rooms will be in excess of 5,600, not counting the 21-floor hotel slated to open on Ann Street in 2013.

Almost 10 million tourists visited Lower Manhattan in 2010, and this figure is likely to continue to go up. Buoyed by the large number of tourists and by the considerable number of business travelers drawn to the area, the Lower Manhattan hotel market is strong and solid; its average daily room rates and occupancy rates "have outpaced, or been equal to, the citywide average over the last decade."

The Alliance for Downtown, also known as the Downtown Alliance, has been collecting detailed data on Lower Manhattan for more than 10 years. The organization works to enhance the quality of life in this area and to promote it as a highly desirable location for businesses, a destination for both business and leisure travelers, and an attractive and welcoming residential area.

To see the report The State of Lower Manhattan, click here.

Boyle, Christine. Lower Manhattan on the upswing: Financial district has more businesses, residents than ever before. New York Daily News. August 12, 2011.

Fact sheet: Lower Manhattan Hotel Inventory/QT 2011. Downtown Alliance.

News release: A Decade After 9/11 Attacks, Lower Manhattan is Stronger than Ever. Alliance for Downtown New York. August 11, 2011.