The hotel is positioned in a part of the city seeing a continueddevelopment boom led by the 1.5-million-sf New York Times Buildingand the one-million-sf 11 Times Square Building. Will Obeid,president of Gemini, notes that the company believes the west sideof Midtown Manhattan is a great place to invest in hospitalityassets.
"This hotel is well positioned to capture the growing number ofbusiness travelers and tourists to New York," he notes, "and thereare a lot of positive demand drivers in this submarket. In additionto the nearby new office developments, we're also looking forwardto the Jacob Javitz Center expansion and the Hudson YardsRedevelopment initiative."
According to Smith Travel Research, New York City commanded thehighest revenue per available room of any city in the US during2006. Forty-four million visitors traveled to Manhattan in 2006,resulting in the highest tourism year on record. Recent Reports byHVS International and PricewaterhouseCoopers expect RevPar growthof 12% in 2007 and continued double-digit growth in 2008 and 2009.Gemini did not respond to GlobeSt.com queries before presstime.
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