|Manhattan’s Midtown is in a real estate crisis. Solution: The Pop-Up Hotel.|
Thursday, 10th October 2013
Source : PinkCloud.dk
Manhattan’s Midtown is in a real estate crisis; office vacancies are high, rents have been plummeting, and tenants are moving to New Jersey.
A combination of outdated building stock, the economic recession, and a lack of amenities in the neighborhood have transformed Midtown from a vibrant business hub into an area of post-recession decline.
Class A office vacancies have been stagnant at around twenty-two percent for the past five years. This translates to about 17 million square feet of empty space in Midtown.
The design of the Pop-Up Hotel focuses on the transformation of empty Class A office spaces into hospitality spaces. The setup is simple.
We intend to partner with various owner/leasing agencies around Midtown to identify buildings in need of revitalization. A uniquely urban experience, the Pop-Up hotel will feature a variety of amenities and rooms catering to a wide diversity of clientele.
All the parts needed to outfit a hotel for a week is trucked onto site and set up. Reservations are taken and parties are held. The office building receives much needed publicity, the hotel is taken down after four weeks and the kit of parts moves on to the next office building to occupy. Revenue is generated and shared amongst the hotel operators and building ownership.
The Pop-up Hotel offers a completely customizable alternative to the traditional hotel experience. At its core, it is designed to be a means of urban revitalization, an economic catalyst, as well as an active community partner.
The focus of the Pop-Up Hotel is to optimize the user experience. In a culture where the smart phone is ubiquitous, extending the powerful tools of user interface and customization to the built environment has the potential to create a vibrant, continually self-refreshing social condition that was never-before possible.
We strongly believe the Pop-Up Hotel to be a transformative experience for both the building and more importantly, the hotel guests.
PinkCloud.dk: Fabian Busse, Leon Lai, Eric Tan, Nico Schlapps
About our Sponsors:
The John Hardy Group provides independent, strategic development services to joint venture partners, asset managers and major brands engaged in hospitality real estate, globally. Recognized as the leader in creating creative solutions to complex challenges in building developments, the company uses propriety project research, planning and execution processes established by the group.
JHG has successfully managed more than $6 billion in development-related assignments and completed projects with more than $2 billion in value, encompassing 866 hospitality projects in 35 countries. JHG operates internationally from offices located in Atlanta, New York and Paris
Data provided by Crain’s New York, Optimal Spaces, and Bloomberg Business Week