NYC hotel industry enjoys global appeal

Quickly on the rise after the economic downturn, New York City's hotel industry is again one of the strongest and most appealing markets in the world. Crain's New York reports that foreign investors, many without previous real estate experience, are flocking here to benefit from the big gains investments in NYC hotels yield.

With average room rates and occupancy numbers strongly rebounding, real estate firms are scrambling to find potential sites for wealthy investors abroad who are interested in developing a hotel and being part of the city's strongly resurgent hotel industry. U.S. investors are also active. The Hotel Americano and the Yotel hotel, both begun by foreign investors last year, will open their doors this spring, and numerous other projects are in various stages of development.

Fickenscher, Lisa. Foreign investors feast on NYC hotel biz. Crain's New York. February 6, 2011.