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Hotels

Hotels

Jams Redux: Jonathan Waxman’s JAMS is Reborn at 1 Hotel Central Park

A young Jonathan Waxman at Jams.

For some it will be a trip down memory lane; for others a new journey entirely. Jonathan Waxman, the chef who introduced California cuisine to New York, is reviving his seminal 1980s restaurant JAMS on the Upper East Side as Jams by Jonathan Waxman in the 229-room 1 Hotel Central Park slated to open in July at 1414 Avenue of the Americas at 58th Street in Manhattan.

“The hotel wanted a farm-to-table concept,” said Mr. Waxman, currently the chef/owner of Barbuto as well as restaurants in Toronto and Nashville. “Since JAMS was the first of its type in New York, they were anxious to have the tie in.” Read More

Hotels

Room Rates Continue Drop, Supply Outweighs Demand

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Prices for a hotel room continue to dwindle in the city compared with last year, and the gap between available bed nights and demand for them is still wide, according to April data collected by hotel bench-marking firm STR. Hotel experts blame newer options such as Airbnb, increased hotel construction and a strengthening dollar for the staggering performance.

The number of available rooms per night continued to outpace the demand for them by half a million in April compared with a year earlier. Supply climbed 3.1 percent last month to 3,409,800 bed nights, according to STR, from 3,305,970 a year earlier. Demand only increased 2 percent during that time, however, to 2,964,789 from 2,905,875. Read More

Hotels

Queens Tops Hotel Market to Start Year

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When it comes to hotel performance, lodgings in Queens reigned king.

Hotels in the borough had positive performance across the board including occupancy, average daily room rate and revenue during the first quarter of the year when compared year-over-year, according to data provided to Commercial Observer by STR, which collects and benchmarks hotel data. Read More

Hotels

NYC Hotel Supply Will Peak in 2015: Report

Hotel room supply will continue increasing in the next two years as demand drops. 
(Photo courtesy of © 1997 PHOTOSPIN www.photospin.com)

There’s ample supply but not all that much demand for a hotel room in New York City.

The city’s hotel market had a brutal winter with decreases in occupancy, average daily room rates and revenue per room when compared with the same point last year, according to first-quarter data from STR, which tracks trends in the hotel industry. Read More

Hotels

Equinox Checks Into the Hotel Business at Hudson Yards

Hudson Yards

The popular, high-end fitness gym Equinox is venturing into the hotel business with its first location slated for the Hudson Yards.

Featured an amenity in several buildings for Related Companies, its parent company, the gym is gearing the Far West Side hotel toward exercise-hungry travelers and will feature indoor and outdoor swimming pools, according to the Wall Street Journal. The hotel’s gym, free to guests, will be 60,000 square feet, making it the largest Equinox facility. Read More

Hotels

Red Hook Comfort Inn Hits the Market at $11.5M [Updated]

Comfort Inn at 17 Seabring Street.

A Comfort Inn in the Red Hook area of Brooklyn has hit the market for $11.5 million, according to marketing materials from CPEX Real Estate. The amount equates to $142,000 per key.

The 81-room limited-service Comfort Inn Brooklyn Cruise Terminal, located at 17 Seabring Street between Richards and Columbia Streets, was erected in 2011 and was renovated in May 2013. With options, the lease runs through 2089. Read More

Hotels

Lower Manhattan Hotel Industry Expands

Aloft Hotel is slated to open at 49-53 Ann Street in January. (Starwood Hotels & Resorts Worldwide website)

Lower Manhattan’s lodging market is hot with an increasing number of hotels in the works as well as strong activity at existing hotels.

There are 17 hotel projects with 3,292 rooms in the pipeline (in the planning, final planning and construction phases) in Lower Manhattan, according to data provided today by lodging industry benchmarking services firm STR to Commercial Observer. That marks a 30 percent increase in hotel count year-over-year from 13, and a 35 percent increase in room count from 2,431. Read More

Hotels

Foreigners, Corporate Types Flock to Brooklyn Hotels

The cabin at Urban Cowboy  bed and breakfast in Williamsburg.

The Brooklyn hotel market is booming.

There are 27 hotels in the development pipeline in Kings County, according to data provided by lodging industry benchmarking services firm STR to Commercial Observer, representing a 37 percent increase from the same time last year. And those 27 hotels comprise 2,378 rooms versus the 2,129 rooms in last year’s hotel pipeline. That’s an 11.6 percent uptick.

Massey Knakal Realty Services hotel sales expert Andy Posil called the investment climate for Brooklyn hotels “frothy,” in a new Brooklyn hotel report. The contributing factors, he noted in the report, are: “operational performance; demographic fundamentals; and liquid capital markets which are increasingly receptive to hotel product in the current lending environment.” Read More

Hotels

Silverstein Showcases 30 Park Place Hotel and Condos

30 Park Place

Less than an hour after he left the stage at an event about the World Trade Center‘s progress ahead of the 9/11 anniversary, Silverstein Properties chairman Larry Silverstein invited reporters for a look at the Four Seasons hotel and condo development that’s rising just two blocks away from the trade center complex at 30 Park Place.

The 926-foot Robert A.M. Stern-designed building will feature 189 hotel rooms on the first 39 floors and 157 luxury condos leading up to the 82nd floor, including 11 penthouses with outdoor terraces starting on the 75th floor, when it opens in early 2016, according to Silverstein. Read More

Hotels

Extell Hotel Rumors Swirling Around Diamond District

2 West 47th Street

With 100 tenants either moved out or in the process of moving out of 2 West 47th Street in Midtown’s Diamond District, business owners and brokers in the area are speculating about what will become of the building with few definitive answers available.

As whispers swirl around the district about a potential hotel on the building’s footprint via a lot assemblage by Extell Development Company, nobody seems to know for sure what will become of the building that once housed ABS Partners Real Estate’s jewelry exchange on the ground floor and top jewelry designers like Sasha Primak in the floors above. Read More

Hotels

‘Prime Hotel’ Slated for West 24th Street

Rendering of 17 West 24th Street.

Architect Gene Kaufman has designed a black “boutique style hotel” temporarily called “Prime Hotel” for 17 West 24th Street between Broadway and Avenue of the Americas, the architect told Commercial Observer. And Philip Johnson Alan Ritchie Architects was tapped to handle the interior design.

The 18-story hotel will have 68 guest rooms, a restaurant and a 1,000-square-foot rooftop lounge with a bar, said a source with intimate knowledge of the project. One-third of the rooftop will be indoors. There should be a “nice view” of Madison Square Park and the former Metropolitan Life Tower, Mr. Kaufman said. Read More

Hotels

Brooklyn Hotel Demand Growth Back on Track

Rendering of Holiday Inn Brooklyn Nevins Station.

For the first time since Superstorm Sandy forced people out of their homes and into hotels, quarterly room demand comparables are positive, data provided by lodging industry benchmarking services firm STR to Commercial Observer indicate.

Demand for hotel rooms increased year-over-year each month in the second quarter. Prior to this April, the last month there was a year-over-year increase was in September 2013. Read More

Hotels

Virgin Hotel To Soar 38 Stories in NoMad [Updated]

virgin hotels logo

A new Virgin Hotel, slated to open in a couple of years on the block front on Broadway from 29th to 30th Streets, will be a VOA Associates-designed glass building rising 38 stories, Commercial Observer has learned.

The 440,000-square-foot hotel, developed by Lam Group, will have 489 rooms, three restaurants, banquet space and 100,000 square feet of retail, said Keith Lam, managing director of construction at Lam Group. Read More