Now that market has hit a wall, with local hotel occupancy hitting a historic low of 53% last year, declining room rates and high-end hotels struggling to fill rooms. Experts say Loews will be the last of the new luxury properties to hit the market for some time to come.
The 414-room Loews started three years ago when the Midtown location was conceived. Many of the city's high-end hotel projects included condos, and that market is in even worse shape now.
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