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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Natalie Dolce

Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.