Hospitality Investments - Developments & Acquisitions

08/25/2015

Hospitality Investments & Developments

Hotel Investments in NYC - Hotel Acquisition/Disposition Advice - Hotel Developments in NYC Equity partnership, Hotel Design, Hotel Management, Boutique Hotel Developers of New York City, Extended Stay Hotels, 4-5 Star Hotels, Union Hotels, Non Union Hotels, F&B Specialist.

08/07/2015

Los Angeles hotelier Sam Nazarian is in advanced talks to combine his company with Morgans Hotel Group Co. , a deal that would bring together some of the industry’s most stylish brands.

Mr. Nazarian, founder and chief executive officer of SBE Entertainment Group, is expected to take over as CEO of the combined company, according to people familiar with the discussions.

Billionaire private equity investor Ronald Burkle, who is Morgans’ largest creditor and owns preferred equity in that company, will have a board seat with the new firm and is weighing additional investments in the combined company, say people familiar with the talks.

The new company would manage 19 hotels in cities like Los Angeles, New York, Miami and London and would include the hotel brands SLS, Delano, and Mondrian. SBE also owns restaurant and high-end nightclub brands such as Hyde.

A deal could be announced as early as this month, these people said. Financial terms aren’t known. Morgans’ shares trade on the Nasdaq Stock Market and the combined company also will be publicly traded, according to a person briefed on the negotiations.

Morgans’ share price rose 6.7% to $5.63 in 4 p.m. trading on Thursday, bouncing off a 52-week low following disappointing second-quarter results announced on Wednesday.

A merger would bring together two hospitality companies known for their panache, but also ones that have suffered recent setbacks.

Nightclub impresarios Ian Schrager and Steve Rubell founded Morgans in the 1980s. They helped usher in a new concept: the boutique hotel, which emphasized design and a thriving bar scene to cater to a stylish, affluent crowd.

“Ian and Steve were brilliant, creative guys who set the trends in this business to a large extent,” said Richard Born, co-founder of BD Hotels, a New York-based hotel owner and operator.

More recently, Morgans has suffered from financial loses, infighting and turnover at the top executive ranks. The company turned down a number of takeover offers over the years, including ones from Middle Eastern investment funds and Hyatt Hotels Corp., said people familiar with the company.

Morgans has sold most of its properties over the years, and now owns only two: the Hudson in New York City and the Delano in Miami Beach. Those two hotels combined could be worth about $640 million, hotel analysts said.

Morgan’s share price was down about 30% over the past 12 months before Thursday’s trading activity, reflecting the company’s woes.

Mr. Nazarian also has been selling assets, including SLS hotels in Beverly Hills and Miami Beach and two restaurant brands, as SBE focuses on hotel, restaurant and nightclub management.

That hasn’t always worked out. SBE’s SLS Las Vegas hotel with 1,620 rooms has been losing money. Mr. Nazarian no longer is personally involved with that hotel after Nevada gambling regulators granted him a limited and temporary casino license. During his testimony before regulators he spoke of his past drug use.

Los Angeles hotelier Sam Nazarian is in advanced talks to combine his company with Morgans Hotel Group Co., according to people familiar with the matter.

06/24/2015

The Middle East owners of FRHI Hotels & Resorts are looking to sell the luxury hotel operator, whose high-end brands include Fairmont, Raffles and Swissotel, according to people familiar with the matter.

The Toronto-based company is owned by a Qatari government fund and Saudi Prince al-Waleed bin Talal’s Kingdom Holding Company. The two firms have hired Deutsche Bank and Morgan Stanley to market the company, these people said.

FRHI operates 116 hotels with nearly 44,000 rooms in 34 countries. The list includes some historic luxury properties like New York’s Plaza Hotel, the Peace Hotel in Shanghai and the Savoy in London.

One hotel executive estimated that FRHI could fetch up to $3 billion. A spokesman for FRHI declined to comment.

FRHI owns some of the more renowned brands in the high-end segment of hospitality. But the company comes on the market at a time when the luxury hotel sector is becoming increasingly competitive.

Four Seasons Hotels and Resorts, which is also owned in part by Kingdom Holdings, is pursuing a rapid expansion plan. Smaller higher-end brands like Auberge Resorts are eying urban locations for the first time. Hilton Worldwide Holdings Inc. is looking to expand the reach of its Conrad and Waldorf Astoria luxury brands.

A sale of FRHI could give a boost to merger and acquisition activity in the hospitality sector, which has been mostly dormant in recent years.

Starwood Hotels & Resorts Worldwide Inc. said in April it was undergoing a review of strategic alternatives, which many in the market read as a willingness to consider takeover or merger offers for the company.

The Middle East owners of FRHI Hotels & Resorts are looking to sell the luxury hotel operator, whose high-end brands include Fairmont, Raffles and Swissotel, according to people familiar with the matter.

10/03/2013

From Construction to Refinancing, Capital for Hotels is Pouring In to New York City Said hospitality investments

When New York’s largest independent hotel developer and owner, BD Hotels, began exploring sources of capital this year for its latest projects, the company’s co-founders decided to diversify their approach to construction financing due to a growing of number of potential lenders.

Richard Born and Ira Drukier, who partnered in 1986 and now own and operate 25 hotels in New York, including the Maritime Hotel in Chelsea and the Bowery Hotel in the East Village, are in talks with a foreign investor to provide secondary capital for an upcoming development in Midtown, while sticking with a traditional bank for their first construction loan.

“There’s just so much money being designated for New York City hospitality now,” Dr. Born, who did four years of surgical residency before going into the real estate business, told Mortgage Observer. “Especially with all of the foreign sources coming in.”

New York, the country’s premier hotel market, is a ripe financing field for developers with enough experience, brand recognition and equity of their own. At the same time, new entrants coming into the hospitality financing market and the return of traditional lenders have spurred more hotel deals throughout the United States. That increase has most recently led to a major uptick in hotel financing in secondary markets, from New Orleans to Cincinnati.


Hotel loans made up about $5.7 billion of multiborrower securitizations in the first three quarters of 2013, more than double the $2.5 billion of hotel loans contributed to conduits in the same time period last year, a recent study from Cushman & Wakefield shows. Overall, the number of active lenders in the hotel sector today has increased by about 20 percent in the past year, said Ernest Lee, director in the global hospitality group in the equity, debt and structured finance division at the New York-based real estate services firm.

On top of growing interest from alternative lenders and foreign investors, many regional and national U.S. loan originators and brokerage firms are expanding their hotel financing platforms in 2013. “There is a tremendous increase in appetite for hospitality lending,” said Jared Kelso, managing director of Cushman & Wakefield’s global hospitality group, which arranges debt and equity for hotel owners. “We’ve seen the market for transitional assets, or bridge lending, almost double in size, which is incredibly important for the hotel industry. On top of that, we’ve seen over 10 new whole loan platforms for transitional assets enter the hospitality space this year alone.”

In April, Mr. Kelso’s group closed a $55 million floating-rate acquisition loan from Natixis Real Estate Capital for the Hyatt Union Square hotel at 134 Fourth Avenue, among other hotel deals they could not discuss publicly. Mr. Kelso noted that hotel construction financing from banks and other lenders is also picking up as many of them are being pushed into the hotel space for better yields due to “intense competition to lend on other asset classes, such as Class A office buildings.”

But even as capital has started to flow into hotels again, borrowing is still not as easy as it was prior to the financial crisis, Dr. Born said. “The debt market today is clearly head and shoulders above where it was in 2009 when there was no debt market,” he explained. “But it is still not as frothy as it was at the peak of the market in 2007.

Michael Nash, chief investment officer of Blackstone Real Estate Debt Strategies, echoed that sentiment, adding that large construction loans are still a challenge for many developers to get. “New York as an exception has actually had a decent amount of supply, but in other major markets it’s harder to build new hotels. The numbers are hard to justify,” Mr. Nash said. “The financing on the construction side is still virtually impossible, so it makes it easier for us to pick and choose our spots.”

Hotels, by and large, are considered the riskiest real estate asset class to lend on due to their operating models. The average hotel’s occupants move in and out on a nightly to weekly basis, making each month’s income that much more uncertain and upkeep that much more costly. Even in top markets where occupancy remains high, significant capital is required every four to five years to keep a hotel’s maintenance up to standard, according to the hotel developers and financers Mortgage Observer spoke to.

“It’s an extremely variable model and is subject to peaks and valleys more than any other real estate asset class,” Mr. Kelso said. “So the net operating income available to pay debt service can go from three times debt service coverage to a fraction of that in the space of a year.”

As a result, transitional floating-rate capital has always been a vital component of hotel financing. Before the market collapsed in 2008, there were a large number of domestic banks and international lenders providing floating-rate loans to the hospitality industry. Many of those lenders—Capmark Financial Group and Hypo Real Estate Holding among them—shut down their financing platforms in 2009, making it that much harder for developers to secure loans for construction, as well as for less risky upgrading and refinancing, Mr. Kelso noted. As commercial real estate lending as a whole started to pick back up in 2011, fixed-rate capital available for stable hotels came back first, he said.

The pool of those willing to finance hotel projects in October includes private equity, local, regional and national banks, life insurance companies and both floating-rate and fixed-rate CMBS lenders, as well as mortgage REITs, debt funds and foreign investors. As of late 2013, about 85 percent of the lenders that were active in the hotel-financing space prior to the downturn have returned, hotel financing experts say.

http://commercialobserver.com/2013/09/from-construction-to-refinancing-capital-for-hotels-is-pouring-in/

When New York’s largest independent hotel developer and owner, BD Hotels, began exploring sources of capital this year for its latest projects, the company’s co-founders decided to diversify their approach to construction financing due to a growing of number of potential lenders.Richard Born and Ira...

10/02/2013

For New York City hoteliers in search of financing, whether seasoned pros or first-timers, opportunities abound.

http://hospitality-investments.com/ 646-651-4554

Hotel loans made up about $5.7 billion of multiborrower securitizations in the first three quarters of 2013 — more than double the $2.5 billion of hotel loans from the same period the previous year, according to a Cushman & Wakefield study cited by the New York Observer. The number of active lenders in the sector has exploded as well, increasing by about 20 percent in the last year.

“There’s just so much money being designated for New York City hospitality now,” Richard Born, who along with Ira Drukier owns and operates 25 hotels in New York, told the Observer. “Especially with all of the foreign sources coming in.”

Alternative and foreign lenders’ growing interest in hotel development, along with the return of many traditional regional and national U.S. lenders to the market, has spurred funding opportunities in New York City.

Hotel construction financing from banks and other lenders is picking up as many developers are pushed into the hotel space due to “intense competition to lend on other asset classes, such as Class A office buldings,” Jared Kelso, managing director of Cushman & Wakefield’s global hospitality group, told the Observer.

Jones Lang LaSalle, also hopping on the bandwagon, announced the expansion of its national Hotel Investment Banking Platform in mid-September.

More competition has come into secondary and tertiary markets as well, Matt Comfort, who co-heads Jones Lang LaSalle’s Hotel Investment platform, told the Observer. And those lenders, charging between 8 and 10 percent interest on hotel deals in 2009 when few others were lending, are now forced to charge between 4 and 5 percent. [NYO]

http://therealdeal.com/blog/2013/10/01/lenders-unleash-flood-of-nyc-hotel-financing/

http://hospitality-investments.com/ 646-651-4554

For New York City hoteliers in search of financing, whether seasoned pros or first-timers, opportunities abound.

06/27/2013

Which NYC Condo-Hotel is the Best Choice for Condo Buyers?
Thursday, June 27, 2013, by Sara Polsky
Market-watchers have sounded the death knell for condo-hotels—buildings that
City NEW YORK
Which NYC Condo-Hotel is the Best Choice for Condo Buyers? - Hotels Week 2013 - Curbed NY http://ny.curbed.com/archives/2013/06/27/which_nyc_condohotel_is_the_best_choice_for_cond...
1 of 7 6/27/2013 11:58 AM
NEWS BY NEIGHBORHOOD
Chelsea
Chinatown
East Harlem
East Village
FiDi/Battery Park City
Flatiron District
Gramercy & Stuy Town
Greenwich Village
Harlem/M'side Heights
Hell's Kitchen/Clinton
Hudson Square
Inwood/Wash. Heights
Lower East Side
Meatpacking District
Midtown East/Kips Bay
Midtown/MidtownWest
Murray Hill
Noho/Central Village
Nolita
Roosevelt Island
Soho
Tribeca
Union Square
COMMENTS
CASSA HOTEL AND RESIDENCES
CONDO-HOTELS
HOTELS
HOTELS WEEK
HOTELS WEEK 2013
ONE57
THE BACCARAT HOTEL &
RESIDENCES
THE MARK
THE PIERRE
THE PLAZA
THE RESIDENCES AT THE
offer both hotel rooms and condos—in recent years, but such projects are still
being built. They come in several varieties. There are those, like Trump Soho,
that only allow occupancy for a certain number of days per calendar year, and
others, like One57, that allow residents to live there year-round (though buyers
often choose not to). Most come with access to hotel amenities and services.
So how does one choose which hotel to buy a condo in? With an assist from
the fine folks at StreetEasy, who passed along some sales data, we've
compared 13 of the major condo/hotel projects in the city in terms of median
pricing and notable amenities. In no particular order:
Hotel name: Trump Soho
Median price: $1,023,000
Median price per square foot: $2,225
Restrictions: Residents may occupy their units for a maximum of 120 calendar
year and 29 days in any 36-day period.
Amenities: The hotel has a spa and the Japanese restaurant Koi Soho. Some
of the available studios could be combined into suites.
Hotel name: Apex Condominiums
Median price: $1,100,000
Median price per square foot: $823
Restrictions: None
Amenities: Recreation facility, storage, parking, and more. The units sit atop the
Aloft Harlem hotel.
Hotel name: The Residences at the Williamsburg
Median price: $1,197,000
Median price per square foot: $1,152
Restrictions: None.
Amenities: The Residences at the Williamsburg are part
of the Hotel Williamsburg, perhaps best known for having NYC's only outdoor
salt water swimming pool.
Hotel name: The Setai Wall Street
Median price: $1,250,000
Median price per square foot: $1,184
Restrictions: None
Like 2
MANHATTAN
Which NYC Condo-Hotel is the Best Choice for Condo Buyers? - Hotels Week 2013 - Curbed NY http://ny.curbed.com/archives/2013/06/27/which_nyc_condohotel_is_the_best_choice_for_cond...
2 of 7 6/27/2013 11:58 AM
Upper East Side
Upper West Side
West Chelsea
West Village
Amenities: The building has 44,000 square feet of amenities space.
Hotel name: The Baccarat Hotel & Residences
Median price: $5,850,000
Median price per square foot: $3,299
Restrictions: None
Amenities: Hotel amenities to which residents have access
include a restaurant, bars, fitness center, spa, and concierge.
Hotel name: The Mark
Median price: $11,850,000
Median price per square foot: $3,534
Restrictions: None
Amenities: Residents have access to hotel services, including valet parking,
fitness center, business center, and "in-house John Lobb shoe care service."
Hotel name: Cassa Hotel and Residences
Median price: $1,329,500
Median price per square foot: $1,958
Restrictions: None
Amenities: Housekeeping, room service, and in-room spa
service, among other offerings.
Hotel name: One57
Median price: Data not available
Median price per square foot: Data not available
Restrictions: None
Amenities: Gym, pool, steam room, library, screening room, business room,
concierge.
Hotel name: The Plaza
Median price: $4,050,000
Median price per square foot: $4,125
Restrictions: None
Amenities: Nanny service, limo service, private butler,
doorman and concierge, and access to all of the Plaza's classic shared spaces,
including the Oak Roomand the Edwardian Room
Which NYC Condo-Hotel is the Best Choice for Condo Buyers? - Hotels Week 2013 - Curbed NY http://ny.curbed.com/archives/2013/06/27/which_nyc_condohotel_is_the_best_choice_for_cond...
3 of 7 6/27/2013 11:58 AM
Hotel name: The Pierre
Median price: $10,800,000
Median price per square foot: $5,400
Restrictions: This building is part co-op, part hotel, so there's a co-op board
hurdle to jump before buying and financing is not allowed.
Amenities: On-call physician, twice-daily maid service.
Hotel name: W Downtown Hotel & Residences
Median price: $1,870,000
Median price per square foot: $2,450
Restrictions: None
Amenities: Fitness center, residents' lounge and rooftop
terrace, preferred reservation status at hotel restaurants.
Hotel name: Waldorf-Astoria
Median price: Data not available
Median price per square foot: Data not available
Restrictions: The only rental currently on the market is available for anywhere
fromone month to five years.
Amenities: Private entrance, spa, fitness center, room service, twice-a-day
maid service.
Which NYC Condo-Hotel is the Best Choice for Condo Buyers? - Hotels Week 2013 - Curbed NY http://ny.curbed.com/archives/2013/06/27/which_nyc_condohotel_is_the_best_choice_for_cond...
4 of 7 6/27/2013 11:58 AM
Hotel name: 75 Wall Street
Median price: $1,290,000
Median price per square foot: $1,351
Restrictions: None
Amenities: Housekeeping, catering, room service, personal
concierge.

Market-watchers have sounded the death knell for condo-hotels—buildings that offer both hotel rooms and condos—in recent years, but such projects are still being built. They come in several varieties....

05/06/2013

http://www.dailyfinance.com/2013/05/06/starwood-hotels-invests-more-than-400-million-in-r/

Starwood Hotels Invests More Than $400 Million in Refreshing Its New York City Portfolio

Global Hospitality Giant Unveils Several Newly Renovated Properties including Sheraton New York Times Square Hotel, Westin New York at Times Square and W New York - Union Square

STAMFORD, Conn.--(BUSINESS WIRE)-- Starwood Hotels & Resorts Worldwide, Inc. (NYS: HOT) today announced that together with its owner and developer partners, it has invested more than $400 million to revitalize its New York City portfolio of hotels. Newly renovated properties include the Sheraton brand's flagship hotel - Sheraton New York Times Square Hotel, W New York - Times Square, W New York - Union Square, W New York, The Westin New York at Times Square and The Westin New York Grand Central. Starwood has also enhanced its New York City portfolio with the addition of several new properties in the past three years including The Chatwal, a Luxury Collection Hotel, Sheraton Tribeca New York Hotel, and W New York - Downtown. All nine of Starwood's distinctive global brands are represented in New York City, where the company boasts a total portfolio of 21 hotels.

"We are proud to offer travelers a truly outstanding selection of Starwood hotels in New York City, one of the world's most visited destinations, attracting more than 50 million tourists annually," said Mary Casey, Senior Vice President of Sales, North America, Starwood Hotels & Resorts. "We have not only made a significant investment in our New York City hotels, but have also added even more breadth to our portfolio through strategic conversions in many of the city's most dynamic neighborhoods. The result is that Starwood's New York City portfolio is fresher and stronger than ever before, making it an attractive choice for travel managers, meeting professionals and travelers seeking to book memorable stays in this iconic city."

Sheraton New York Times Square Hotel

The Sheraton brand's flagship hotel - Sheraton New York Times Square Hotel - completed its top-to-bottom renovation in March, representing one of the most significant recent hotel renovation projects in New York City. All 1,781 guestrooms and suites, public areas, fitness center and meeting facilities have been transformed, and each guest room and suite reflects a contemporary design and sophisticated look. Boasting a classic, metropolitan aesthetic, the hotel's 60,000 square feet of fully renovated meeting space is infused with light and features a fresh design scheme with warm tones and geometric patterns. Sheraton New York Times Square Hotel also offers a luxurious Club Lounge with breathtaking views of New York City, as well as a state-of-the-art fitness center. Located between Central Park and Times Square in the midtown business and entertainment district, the hotel offers signature Sheraton amenities and VIP services that cater to both business and leisure travelers.

The Westin New York at Times Square

The Westin New York at Times Square is located in the heart of Broadway. An acclaimed achievement of art and architecture, this AAA 4-Diamond luxury hotel soars above the city skyline. The Westin New York at Times Square is within walking distance to 40 theaters as well as world famous shopping, award winning restaurants, and New York City's most famous landmarks. With a total of 873 impressive and inviting hotel rooms and suites, the Westin recently renovated 330 deluxe rooms showcasing magnificent views of the Hudson River, the Empire State Building, 42nd Street and much more. The Westin Heavenly Bed and new Heavenly Shower anchor the guest rooms while upgrades include large flat screen televisions, an innovative floating desk which adds tremendous flexibility, new colors, and brightly enhanced bathrooms with added vanity and shelf space. The hotel also features a newly renovated and complimentary 24 hour Westin WORKOUT fitness studio. The hotel offers 34,000 square feet of state of the art meeting and banquet space featuring 3 ballrooms and 32 meeting and breakout rooms. Recently, over 24,000 square feet of meeting space was renovated with fresh color patterns and bright new lighting technology, complimenting natural light throughout the foyer spaces and atrium conference rooms. The hotel features a Shula's Steak House and is interconnected to a 200,000 square foot entertainment and retail complex featuring movie theatres, restaurants, and shops.

The Westin New York Grand Central

The Westin New York Grand Central debuted in October 2012 after completing extensive renovations to the historic, landmark property, formerly known as the New York Helmsley Hotel. The multi-million dollar renovation resulted in a complete redesign of the hotel's 774 spacious guest rooms and its more than 14,000 square feet of renovated meeting and event space. The hotel also unveiled its brand-new Madison Ballroom, a 2,800 square foot space with 18 foot ceilings, a perfect venue for weddings and receptions. Improvements to the hotel's meeting space include the addition of four new break-out rooms, teleconferencing capabilities, fiber optics, and some of the highest bandwidth in Manhattan. As part of the renovation, the lobby bar/restaurant was extended to 42nd street to include The LCL: Bar & Kitchen, NYC. Located in midtown Manhattan with stunning views of the Empire State Building, Chrysler Building, and East River, The Westin New York Grand Central is the brand's newest flagship hotel in New York City, joining The Westin Times Square.

W New York - Union Square

W New York - Union Square launched its newly redesigned Living Room last month, the final stage of the hotel's multi-layered renovation project. Inspired by the neighborhood's merging of traditional and contemporary styles, the new Living Room design by New York-based Krause + Sawyer, has an "Uptown Meets Downtown" narrative, yet also preserves many of the landmark 1911 Beaux Arts building's original design details, such as its turn-of-the century Great Room with 23-foot high gilded ceilings and grand windows. The hotel's renovation also included all 270 guest rooms, the Extreme WOW and WOW suites (the W brand's take on top suites), Todd English's renowned Olives restaurant, and the destination bar Lilium by Ge**er Group. The complete transformation is part of W's ongoing, $100 million commitment to renovating 11 of its properties across North America, and combines form and function with cutting-edge design to offer a fashionable escape in the heart of downtown Manhattan.

W New York - Times Square

W New York - Times Square has just completed renovation of its Extreme WOW and WOW suites. Inspired by the energy of New York City nightlife, the design elements offer a playful sophistication and a voyeuristic view of the city that never sleeps. Designed to be abedroom by morning but an event space by night, the Extreme WOW suite is perfect for intimate dinners, fashion presentations, film screenings, listening parties, and more. Highlights include a dining room table for eight that spins and rises hydraulically to become a bar, two plum-hued "hanging" chairs in the living room, a circular bed with unparalleled views of the New York skyline, a new sound system, kitchenette, and a built-in DJ Booth. The hotel's newly refurbished WOW suite offers the same impressive skyline views, as well as two bedrooms, and a combined living room / dining room with wet bar nook.

W New York

W New York, located at 541 Lexington Avenue, has completed renovations to its 9,020 square feet of meeting facilities. Designed in collaboration with New York-based interior firm d-ash design, each modern space combines form, function and cutting-edge design to offer a sophisticated urban escape. The hotel's newly refurbished meeting space includes eight break-out rooms and the 3,690 square feet signature Great Room, which has played host to hundreds of weddings, concerts and high-profile events. Assembly 3, looking over the hotel's spacious Living Room is the perfect location for a post meeting reception, where a number of seating areas allow for a private escape or a small group gathering. The re-imagined Assembly 2 and Assembly 1 fuse flexible layouts with energized breakout spaces and peaceful reflection areas.

Starwood Hotels Invests More Than $400 Million in Refreshing Its New York City Portfolio Global Hospitality

05/06/2013

http://Hospitality-investments.com Develop your next Hotel in New York with Hospitality Investments

HotelNewsNow.comdelivers hotel industry news to executives who own, manage, or finance hotels, as well as the hotel managers and employees who oversee the operations of hotels worldwide.Hospitality-investments.com

04/26/2013

Approximately $10 billion in new hotels opened in the U.S. during 2012, according to the debut issue of Hotel Development Almanac. In Europe, during the first-quarter 2013, the region reported a 1.2-percent increase in occupancy to 58.1 percent, its average daily rate fell 1.1 percent, in euro terms...

04/26/2013

The number of hotels opening in the United States is forecast to increase by 42 percent in 2013, after a lackluster 2012, according to new data from STR Analytics Only 420 hotels opened in the United States.

04/21/2013

Upcoming Hotel Developments in NYC including Conversion, Ground Up hotel constructions, re-branding, and Management takeover.