NYC Hotel Investments Latest Trends - Hospitality Investments and Developments - Equity Capital - Hotel Developers - Hotel Brands - Hotel Management

NYC Hotels
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NYC HOTELS
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THE LATEST TRENDS IN THE NYC HOSPITALITY INDUSTRY

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GREEN HOTELS
BOUTIQUE AND SELECT SERVICE BRANDS
MIXED USE DEVELOPMENTS

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NYC NEIGHBORHOOD HOTEL PROJECTS

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BROOKLYN
BRONX
QUEENS
STATEN ISLAND

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FIFTH/SIXTH AVENUES

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FASHION DISTRICT HOTEL
25-27 WEST 38TH STREET
ARCHER HOTEL

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FALL - END OF YEAR 2013 – EARLY 2014

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VICEROY NEW YORK
CITIZENM HOTEL
COURTYARD BY MARRIOTT - CHELSEA
HAMPTON INN MANHATTAN
CENTRAL PARK MARRIOTT
COURTYARD MARRIOTT - GREENWICH
HYATT TIMES SQUARE
SLS HOTEL NEW YORK

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NYC RENOVATIONS

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MARLTON HOUSE
PARAMOUNT HOTEL
THE NEW YORK PALACE
THE INTERCONTINENTAL BARCLAY
THE NOVOTEL
LOWER BROADWAY
NYLO HOTEL
CROWNE PLAZA JFK

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NEW BRANDS

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TOMMIE
EVEN
EDITION

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LATEST NYC HOTEL NEWS

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LOOKING TO SELL – LONDON NEW YORK HOTEL

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HOSPITALITY INVESTMENTS

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© 2013 Hotel Developers of New York City ̶- Hotel Developments in NYC


NYC HOTELS
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The Latest Trends in the
NYC Hospitality Industry

Green Hotels

Currently in our environmentally-aware
society, repurposed NYC landmark properties
(including buildings from Lower Manhattan to
Brooklyn and Harlem to the Bronx) are
undergoing architectural changes and "green"
renovations as these sites become
destination hotels.

Boutique and Select
Service Brands

This "attractive" hotel category is becoming
increasingly popular with visitors who want to
find a hotel matching their lifestyle, travel
type (corporate and leisure), and budget.

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NYC HOTELS
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Mixed Use Developments

Mixed use developments seem to be a
recurring theme in the contemporary NYC
hotel industry. Galerie 515, an 87-room hotel
at 511 Ninth Avenue (between 38th and 39th
Streets), should open in December 2013.
Another mixed use residence-hotel is being
built by New Line Structures along the far
west side of Manhattan. This thriving corridor
of restaurants, shops, and hotels is close to the
Theater District, Times Square, the Javits
Center, and Hudson Yards development as
well as transportation outlets.

2013
Since the beginning of 2013, 16 new hotels with
2,500 new rooms have opened in the Big Apple.
The hotel construction boom in Manhattan
continued throughout the year.
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NYC Neighborhood
Hotel Projects

A quarter of the projects under development
are outside Manhattan. Innovative plans are
underway in Brooklyn, Queens, Staten Island,
and the Bronx.

Brooklyn

Brooklyn has distinct neighborhoods which are
the site of new projects including hotels for
Brooklyn Heights, the BAM Arts District, and
DUMBO (an acronym for Down Under the
Manhattan Bridge Overpass), as well as
Williamsburg and close to the new
Barclays Arena. The Sydell Group wants to
construct a Freehold hotel (and create a hip
atmosphere NoMad Hotel) in North
Williamsburg across from the Wyeth Hotel.
An unnamed 186-room, 5 suite hotel at 237
Duffield Street Downtown Brooklyn should
open in late 2013. Lam Group is developing
this new property next to the Hotel Indigo in
downtown Brooklyn. The 27-storey green
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building will host a bar and lounge as well as a
retail space.

Hotel Indigo

As of August 28, Ennismore Capital, owner of
East London’s affordable and hip Hoxton
Hotel, closed a $17,000,000 deal with the
Sydell Group, New York City-based owner,
developer, and manager of Manhattan’s
NoMad and Ace hotels, for an 18,000-squarefoot site at 93-97 Wythe Avenue between
North 9th and North 10th streets. Public
records do not indicate if brokers were
involved in the transaction. Sydell had
previously bought the site for $10 million in
January. The Group had originally planned to
develop the property but decided in the end to
accept Ennismore’s attractive offer. Property
Shark data points out that the site is zoned to
support a hotel development of more than
36,000 square feet. If Ennismore goes in that
direction, the new project would join other
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NYC HOTELS
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neighborhood hotels including Two Trees
Management’s Wythe Hotel at 80 Wythe
Street and the King & Grove at 160 North
12th Street. As of now, Ennismore has not
filed plans for a development with the NYC
Department of Buildings. Since it acquired
Hoxton in 2012, however, the London firm has
been looking for sites in New York City as well
as at home. Due to a favorable exchange rate
between pounds sterling and U.S. dollars,
employing foreign capital can help a developer
interested in purchasing U.S. property

Bronx

During 2013, this New York City
neighborhood had three current hospitality
industry projects on the go including new
hotels and renovations. One of the Bronx
developments is a charming small hotel –
another convenient and comfortable option
that will be available for visitors to the
Big Apple. An additional lodging property – a
37-room Rodeway Inn (sub brand of Choice
Hotels) - opened in late May at 3070 Webster
Avenue. South Bronx's 60-room boutique
Opera House Hotel is the former historic
Bronx Opera House. This beautiful Beaux Arts
building has seen top legendary performers in
the past like George Burns and Houdini. This
project in The Hub Shopping District was
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developed by The Empire Hotel Group who
presently operate seven hotels in
New York City.

Queens

The NYC borough of Queens seems to hold a
tremendous appeal for both corporate and
leisure visitors. Brands and boutiques appear
to flourish within Queens.

Rodeway Inn

Staten Island

Residents and visitors to Staten Island will be
able to enjoy new shopping, hotel, and
entertainment venues. Corporate or leisure
travelers can easily access Staten Island
through the ever-increasing availability of
ferries and water taxi services.
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NYC HOTELS
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Fifth/Sixth Avenues

Fashion District Hotel

Since Gemini Real Estate Asset Management,
the developer of the Gem and Jade hotels
Downtown, filed plans at the end of July for a
43,342-square-foot, 19-storey, 114-room
Fashion District hotel at 36 West 38th Street,
no doubt plans are well underway with the
approach of autumn's end.

Jade Hotel

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In January, Gemini bought the hotel site for
$13.5 million from Shimshon Klugman’s
Quality Capital and Shifra Hager’s Cornell
Realty Management. Just six months earlier,
the sellers had purchased it for $6.63 million.
Gemini has Gem Hotels in Midtown, Chelsea,
and Soho.

Fashion District Hotel

25-27 West 38th Street

Directly across from the Fashion District Hotel
at 25-27 West 38th Street, Morris Moinian’s
Fortuna Realty Group is developing a 30storey, 175-room franchised hotel designed by
Nobutaka Ashihara. In addition to the location
across the street bought by Gemini, Klugman
and Hager were also the sellers in this deal. At
the end of 2012, Fortuna Realty bought the
site for $11.83 million. According to the Real
Deal, Moinian describes West 38th Street as a
"great hotel corridor a stone’s throw from
Fifth Avenue.”
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Archer Hotel

This luxurious Midtown Manhattan 180-room
boutique hotel is slated to open at 45 West
38th Street in early 2014. Developed by the
Kansas-based Lodge Works, the hotel will
become home to a restaurant operated by
celebrity chef David Burke.

http://www.davidburketownhouse.com/

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NYC HOTELS
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Fall - End of Year 2013
– Early 2014

Viceroy New York

Viceroy Hotel

Ark Investment Partners developed the 29storey, 240-room Viceroy New York at
120 West 57 Street. With its opening in
Page 12 of 30

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NYC HOTELS
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October, Viceroy Hotel Group brings its
signature lifestyle experience to the Big Apple.
This luxury hotel with its Roman and
Williams-designed façade has a ton of
amenities in line with the Plaza District
neighborhood as well as a pool and rooftop bar.
Located near Carnegie Hall, Central Park, and
world-class shopping, this boutique
establishment with its fine dining options
should prove to be popular with discerning
travelers – both corporate and leisure visitors.

CitizenM Hotel

CitizenM Hotel

The 114-room CitizenM
Hotel at 218-222 W. 50 in
the heart of the Theater
District was developed by
Brack Capital Real Estate
(the team behind the
recently opened James New
York SoHo Hotel.) This hotel
will bring the affordable
luxury of European capitals
to New York City.

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NYC HOTELS
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Courtyard by Marriott - Chelsea

Courtyard by Marriott - Chelsea

The 20-floor, 256-room, 18-suite Courtyard by
Marriott in Chelsea at 135 West 30th Street
between 6th and 7th Avenues is close to
amazing attractions including Bryant Park
and Radio City Music Hall.

Hampton Inn Manhattan

Just steps from Battery Park, the river ferries,
and downtown arts organizations, the 62-room
Hampton Inn Manhattan opened in the
Financial District at 32 Pearl Street in 2013.
McSam Hotel Group LLC developed this
historic property in Lower Manhattan.

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NYC HOTELS
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Central Park Marriott

Opening in December 2013, the
68-storey Central Park
Marriott contains two select
service hotels (the 378-room
Courtyard by Marriott and the
261-room Residence Inn
Central Park by Marriot on
1717 Broadway at 54th Street)
in one glass tower. The
combination constitutes the
tallest Marriott hotel in the
world. Marriott International,
Inc. and ownership group
Granite Broadway
Development have developed
this multi-hotel property to be
managed by Interstate Hotels
and Resorts. The hotel is
Central Park Marriott
superbly located for all
travelers and features a fitness club, bar,
lounges and restaurants, as well as retail
space, a conference and business center, and
an outdoor terrace.

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NYC HOTELS
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Courtyard Marriott - Greenwich

This 240-room hotel at Rector in Greenwich is
expected to open in December 2013 bringing in
even more travelers to this constantly
evolving neighborhood.

Hyatt Times Square

Built by Extell Development, this 54-storey, 487room project at 135 W. 45th Street slated to open
in January 2014 will have a long-term
management agreement with an affiliate of
Hyatt Hotels Street Corporation. Situated at the
crossroads of business and theater, the property
will feature a contemporary exterior and include
75 deluxe rooms and suites as well as full service
bars, restaurants, and a fitness center.

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NYC HOTELS
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SLS Hotel New York

SLS Hotel

Opening in 2014, this 190-room development
at 444 Park Avenue is a collaboration between
SBE, a creative hospitality company, and
Manhattan-based Moinian Development as
well as designer Philippe Starck. The building
has an outstanding rooftop feature with a
celebrated food and beverage program and
nightlife. This NYC property in the heart of
Manhattan's NoMad neighborhood will be the
third hotel for the SLS brand along with its
sites in Beverly Hills and South Beach.

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NYC HOTELS
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NYC Renovations

Marlton House

BD Hotels
transformed a vintage
hotel building into a
105-room boutique
hotel on the corner of
5th Avenue and 8th
Street. Opening
during
September 2013, this
mid-range boutique is
located in the heart of
Greenwich Village
just blocks from
Washington Square
and historic
Marlton House
West Village sites. In
2012, BD Hotels in partnership with
Sean McPherson bought the Marlton House
with the intention of restoring this legendary
property. The former building was known for
housing famous artistic figures especially
during the bohemian scene in the area.
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NYC HOTELS
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Paramount Hotel

Built in the late 1920s, the 597-room room
legendary Paramount Hotel has upgraded
with a Paramount Bar & Grill and new
event spaces.

The New York Palace

The New York Palace

Renovations at this 813-room upscale hotel are
almost finished with transformed Tower
Rooms and 86 suites as well as other changes.

The InterContinental Barclay

This East 51st Street establishment is getting
new meeting rooms and renovated guest
accommodations.

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NYC HOTELS
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The Novotel

This Times Square property on Broadway is
undergoing extensive transformation.

Lower Broadway

Kaufman Astoria Studios (New York City, New York)

Commercial/Retail/Hotel Conversion Plans are
underway in Lower Broadway to expand the
Kaufman Astoria movie studio. This exciting
renovation will include an upscale hotel
and restaurant.

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NYC HOTELS
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NYLO Hotel

This 285-room (including 33 suites) renovated
hotel on 2178 Broadway at 77th Street opened
in October 2013. The Dallas-based boutique
hotel company NYLO Hotels LLC is
transforming this upper Westside Manhattan
property. Following the conversion, the hotel
with its three restaurants* will be reflagged as
the company’s first franchise in New York City.
* including the hotel's own Serafina
restaurant offering Northern Italian
cuisine with Italy's old-world charm
and signature dishes

This innovative hotel with its urban loft style
will highlight original artwork commissioned
exclusively for the hotel from local artists and
feature a new lobby bar** and updated guest
rooms and suites. The property's industrial
design style is identifiable with the NYLO
brand but the lobby and restaurant pay
homage to the Roaring Twenties and the guest
rooms evoke the essence of New York. NYLO
Hotels has plans to expand further in New
York State with a second location in Nyack,
NY supposed to open in the Hudson River
Valley during late 2014.
** LOCL Bar serves up a taste of New
York's finest brews and signature
cocktails.

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NYC HOTELS
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Crowne Plaza JFK

The former hotel site at 138-10 135th Street in
Jamaica, Queens, has been closed for five
years. Yet this year, the property has
undergone a complete renovation by Gemini
Hospitality to become a 330-room hotel.

2016
Presently, 73 properties (55 in Manhattan, 8Brooklyn, 3-Bronx, 4-Queens, and 3-Staten
Island) are in the pipeline for 2016. At least
16,000 guest rooms will be added to the NYC
hospitality inventory in the next two years plus
bringing the total count to 110,000 rooms in
600 distinct hotels.
NYC guests will be able to enjoy additional new,
practical, and comfortable accommodations.
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NYC HOTELS
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New Brands

Tommie

Commune Hotels & Resorts is launching
"Tommie" – a value-conscious urban brand
targeting the youthful global traveler.

EVEN

IHG has announced a second EVEN hotel (a
fairly new fitness and wellness brand) for the
Big Apple.

Edition

Marriott has a second Edition hotel under
development. As well, Marriott discussed
importing the AC brand from Spain.

New Market
Richard Branson is bringing a Virgin hotel
to Midtown.
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NYC HOTELS
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Latest NYC Hotel
News

Looking To Sell –
London New York Hotel

London New York hotel

According to the Real Deal, the
Blackstone Group would like to sell its
leasehold interest in the 575,241- square-foot,
562-room London New York hotel at 151 West
54th Street for $500,000,000. The multinational private equity giant has tapped the
commercial real estate brokerage firm Eastdil
Secured to market the hotel. Blackstone has
owned the property since 2004. The fee owner
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of the site is the estate of Sol Goldman.
Apparently, Blackstone pays about
$3.7 million per year in rent and its lease
runs for more than a century - 123 years.
Blackstone bought the leasehold for the 54storey NYC hotel from Lehman Brothers for
$193 million ($381,000 per room). Shortly after
the sale, Blackstone struck up a new
partnership with its own affiliate,
Luxury Resorts, and ended the hotel operating
agreement with Marriott. Luxury Resorts still
runs the establishment. LXR refurbished and
repositioned the property. As well,
Blackstone's affiliate put $100,000,000 into a
renovation under designer David Collins. The
transformation was finished in 2007.
Chef Gordon Ramsay operates two
restaurants (Gordon Ramsey at the London
and MAZE by Gordon Ramsey) at the hotel.
According to reputable sources, the contract
with Luxury Resorts could end after the sale of
the hotel.

Gordon Ramsey at the London and MAZE

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Blackstone’s global head of real estate,
Jonathan Gray, explained that frequently a
company's decision to sell is just symptomatic
of “the nature of the closed-end fund business”
where funds regularly sell off assets after their
repositioning has come to completion. The
decision to sell the London New York hotel
came shortly after the firm made a similar
announcement about their London West
Hollywood hotel in Beverly Hills and tapped
Eastdil for the job in April. Blackstone is also
seeking a buyer for the 9,000-square-foot
carriage house building at 154 West 55th
Street directly connected to the hotel. The
property could be converted to for-sale
residential units.

London West Hollywood hotel in Beverly Hills

The Eastdil brokers representing the site
include CEO Roy Hilton March, senior
managing director Larry Wolfe, managing
director Mark Schoenholtz, and director
Michele Mahl.
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As well as wanting to sell property, Blackstone
has also been buying in the hotel industry. In
fact, Blackstone Real Estate Advisors have
made a deal with real estate investment trust
Hersha Hospitality Trust to purchase 16 U.S.
hotels for $217,000,000.

U.S. Hotel
Development
According to retail maven Faith Hope Consolo
of Douglas Elliman, the opening of a hotel –
nationwide – can create an increase of
between 20% and 40% in retail sales in an area.

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NYC HOTELS
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Hospitality
Investments

The Hospitality Investments team has been
involved primarily in hotel developments and
residential developments within New York
City including Manhattan and Brooklyn
and beyond.
Our group of key industry professionals has the
ability to meet the needs of any market –
whether an opportunity is best suited for
proprietary luxury hotel brands, boutique hotel
brands with an eye on food & beverage (F&B),
or other hospitality brands. Hospitality
Investments has cultivated a strong
partnership with several hotel capital,
branding and management companies within
New York City. In addition, Hospitality
Investments has projects and commitments
with venture capital and private equity groups.
Hospitality Investments already works with
owners and developers who own and operate
hotels in the New York City and beyond. In
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NYC HOTELS
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addition, the company is currently developing
other hotel properties projects in the area.
To hire us or discuss new opportunities in New
York City for Luxury & Boutique and Luxury
hotel development, contact:

Levi Yitzchak

Executive Vice President
info@hospitality-investments.com
Tel. 646-651-4554
http://hospitality-investments.com

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