Swift in Hotel Development in Manhattan, NY.
PricewaterhouseCoopers Hospitality & Leisure Practice
Wednesday, 16th July 2003
Hotel Development in Manhattan will shift from large-scale, high-end properties to limited-service hotels.

By year-end 2005, 14 hotels with a total of 2,338 rooms are scheduled to be added to Manhattan's current 214 hotels and 63,600 rooms. Five of the new hotels will be limited-service, nationally branded properties.

The addition of limited-service hotels, including the introduction of two brands not currently represented in Manhattan will represent a departure from the increased share of boutique and large-scale branded developments that occurred in recent years. In the past five years, 53 hotels opened or were repositioned in Manhattan: 17 were boutique hotels and five were large-scale developments with 500 rooms or more.

"Continued interest in building hotels in Manhattan reflects the optimism of market participants and the sustained faith in the New York City economy," said Sean Hennessey, director, PricewaterhouseCoopers Hospitality & Leisure Practice.

The trend of hotel development outside Manhattan's business districts that has been prevalent in recent years is expected to continue. A hotel is nearing completion on the Lower East Side, and another hotel has been proposed on the Upper East Side.

PricewaterhouseCoopers (www.pwc.com) is the world's largest professional services organization. Drawing on the knowledge and skills of more than 125,000 people in 142 countries, we build relationships by providing services based on quality and integrity.

PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity
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