New York, NY - Lodging Econometrics

Transcription

New York, NY
Open & Operating Hotels (Census)
Market Trend Report
Total Open & Operating Hotels
US Rank
Development Pipeline
US Rank
Total Construction Pipeline
(1)
Projects
Rooms
135 23,576
59 10,172
27 5,003
49 8,401
• Brand Conversions
• Announced Renovations
5
17
• Total Transactions
Hotel Size
• Greater than 200 Rooms
• 200 Rooms or Less
m
Sa
Recent Real Estate Activity
2,096
8,309
Hotels
Rooms
19
5,916
503 100,127
147 48,233
133 15,673
223 36,221
Market Metrics
pl
• Under Construction
• Start Next 12 Months
• Early Planning
Chain Scale
• Luxury, Upper Upscale & Upscale
• Midscale & Economy
• Independents
Rooms
e
Q2 2012
(7)
Hotels
Leading Brands
• Comfort Inn
• Hampton Inn
143 64,170
360 35,957
19
11
1,388
1,809
Leading Ownership & Mgmt Groups (Hotels in this Market)
• Marriott International Inc
22 8,179
• Hersha Hospitality Management
21 3,132
National Ownership & Mgmt Groups (Resident in Market)
• Centerbridge Partners LP
663 73,556
• Whitehall Street Global Real Estate LP
129 21,134
Le’s Real Estate Intelligence Is Your Strategic Advantage
500 Market Street, Suite 13, Portsmouth, NH, 03801 USA
p: 603.431.8740, Ext 25 | f: 603.431.4418 | e: [email protected] | www.lodgingeconometrics.com
© Lodging Econometrics 2012
New York NY Market Trend Report
Q2 2012
pl
Section 1: Construction Pipeline Summaries
• Pipeline Metrics
• Market Tracts by Chain Scale
e
Construction Pipeline:
Sa
m
Section 2: Individual Construction Pipeline Project Records
• Prior Hotel Openings
• Under Construction
• To Start in the Next 12 Months
• Early Planning
• Halted Construction
• Cancelled
• Postponed
Section 3: Other Development – Individual Project Records
• Projects with Residential, Condo Hotel or Timeshare Units
• Brand Conversions
• Announced Renovations
500 Market Street, Suite 13 | Portsmouth, NH 03801-3481 USA | p: +1 603.431.8740, ext. 25 | f: + 1 603.431.4418 | e: [email protected] | www.lodgingeconometrics.com
New York NY Market Trend Report
Q2 2012
Transactions & Property Transfers:
e
Section 4: Transaction Metrics
Sa
m
pl
Section 5: Individual Transaction Records
• Transactions with a Reported Selling Price
• Other Transactions
• Portfolio Sales
• Merger Transfers
Open & Operating Hotel (Census) Records:
Section 6: Hotels Known to be Distressed
Section 7: Appendices
• Glossary of Terms & Footnote Explanations
• Site License
Section 8: About Lodging Econometrics (LE)
• LEʼs Products & Services
• LEʼs Global Coverage
Pipeline Metrics
New York, New York
Prior Hotel Openings
At Q2 2012
2010
Hotels Rooms
Current Supply
2011
At Q2 2012
Growth
Growth
Rate Hotels Rooms Rate
Hotels
Rooms
Construction Pipeline (1)
Forecast for New Hotel Openings (2)
Under
Starts Next
Early
Total
Q1 - Q2 2012
Q3 - Q4 2012
Construction
12 Months
Planning
Pipeline
Actual
Forecast
Proj
Rooms
Proj
Rooms
Proj
Rooms
Proj
Rooms
Hotels Rooms
Proj
2012
2013
Total
Rooms
Proj
Growth
Rooms Rate
Proj
2014
Growth
Rooms Rate
Proj
2015 &
Growth
Rooms Rate
Beyond
Proj
Rooms
Market Tract
Lower Manhattan
Uptown/Midtown East
New York City Area
6
1,779
5.9%
1
669
2.1%
101
32,802
16
3,981
4
1,197
7
1,654
27
6,832
1
105
2
382
3
487
1.5%
8
1,842
5.6%
1
94
0.3%
16
4,514
13
2,940
14.2%
5
761
3.2%
136
25,011
18
3,091
12
2,532
16
2,791
46
8,414
4
533
6
1,013
10
1,546
6.3%
6
718
2.8%
4
439
1.6%
30
6,244
4
562
2.9%
1
116
0.6%
72
19,954
5
754
1
36
6
790
1
9
1
9
0.0%
2
316
1.6%
11
1,066
8.3%
7
684
4.9%
139
14,837
18
2,168
9
1,148
16
2,571
43
5,887
11
1,260
13
1,460 10.0%
7
864
5.4%
3
371
55
7,523
2
178
1
90
10
1,385
13
1,653
1
48
1
0.6%
1
90
1.2%
1
130
503
100,127
59 10,172
27
5,003
49
8,401
21
2,712
28
3,550 3.6%
24
3,830 3.7%
9
1
238
2
238
178
1
Rockland/Westchester
Total
34
6,347
7.0%
14
2,230 2.3%
Luxury
7
1,854
14.4%
43
14,695
1
210
Upper Upscale
4
1,262
6.9%
2
432
2.2%
47
20,065
2
665
Upscale
6
1,521
13.0%
2
264
2.0%
57
13,473
18
3,863
8
1,841
14
Upper Midscale
8
677
8.3%
2
214
2.4%
75
9,509
17
2,624
4
394
7
Midscale
2
147
4.2%
2
142
3.9%
36
3,767
4
323
2
93
2
Economy
3
175
11.3%
1
669 38.7%
22
2,397
2
91
Independents
4
711
2.1%
5
509
1.4%
223
36,221
15
34
6,347
7.0%
14
2,230 2.3%
503
100,127
Hotel Size
<75 Rooms
4
686
2
665
2,617
40
8,321
1,148
28
4,166
244
8
838
12
2,437
24
4,154
59 10,172
27
5,003
49
8,401
1
48
22
3,392
1.7%
10
1,385
1,034 1.0%
81
16,000
3
476
210
1.4%
487
2.4%
540
3.8%
4
543
3.7%
28
6,462
1,430 14.1%
3
273
2.4%
10
1,865
1
94
2.4%
4
337
124
0.3%
36
6,860
1,034 1.0%
81
16,000
776
5.8%
3
1,021 11.2%
10
776
5
598
8
660
3
229
3
229
6.1%
2
91
1
54
1
54
2.3%
1
37
1.5%
51
8,987
4
415
6
877
10
1,292
3.6%
8
1,126
3.0%
1
135 23,576
7
838
21
2,712
28
3,550 3.6%
24
3,830 3.7%
9
423
465
2.2%
1
0.9%
5
3
3
1
178
5
m
2,396
Sa
Total
7
200
pl
Chain Scale
135 23,576
2
e
Times Square Area
5
250
3.9%
6
381
5.7%
138
7,220
8
380
5
242
4
263
17
885
2
142
6
311
8
453
6.4%
3
130
1.7%
1
52
0.7%
7
392
75 - 150 Rooms
13
1,336
8.5%
4
418
2.5%
160
17,831
21
2,366
8
974
22
2,666
51
6,006
3
355
7
729
10
1,084
6.2%
10
1,149
6.2%
8
982
5.0%
26
3,146
151 - 300 Rooms
9
1,953
8.4%
2
446
1.8%
125
26,086
24
5,063
11
2,537
22
5,087
57 12,687
2
341
7
1,305
9
1,646
6.4%
10
2,064
7.5%
40
9,318
301 - 500 Rooms
6
2,201
16.3%
1
316
2.0%
42
16,015
6
2,363
2
650
1
385
1
367
1
367
2.3%
1
487
3.0%
7
2,544
>500 Rooms
1
607
1.9%
1
669
2.1%
38
32,975
1
600
1
600
34
6,347
7.0%
14
2,230 2.3%
503
100,127
27
5,003
81
16,000
Total
59 10,172
49
8,401
9
3,398
1
600
135 23,576
7
838
21
2,712
28
3,550 3.6%
24
3,830 3.7%
9
1,034 1.0%
When reading this report, please refer to the appendices for other footnote explanations, Glossary of Terms and our Site License Agreement.
© Lodging Econometrics. This research information is intellectual property, is copyrighted and remains the property of Lodging Econometrics with all rights reserved. The nature of our relationship is that
of a site licensee with specific rights granted for the subscribing client. Specifically, there are no republication rights granted, nor can the research be duplicated or transmitted electronically outside the
organization nor can it be shared with or disclosed to other companies or other parties without the expressed written consent of Lodging Econometrics.
Pipeline Metrics
New York, New York
At Q2 2012
2010
Hotels Rooms
Current Supply
2011
At Q2 2012
Growth
Growth
Rate Hotels Rooms Rate
Hotels
Rooms
Under
Starts Next
Early
Total
Q1 - Q2 2012
Q3 - Q4 2012
Construction
12 Months
Planning
Pipeline
Actual
Forecast
Proj
Rooms
Proj
Rooms
Proj
Rooms
Proj
Rooms
Hotels Rooms
Proj
Rooms
2012
2013
Total
Proj
Growth
Rooms Rate
Proj
2014
Growth
Rooms Rate
Proj
2015 &
Growth
Rooms Rate
Beyond
Proj
Rooms
Location
CBD
23
5,281
7.5%
7
1,546
2.0%
310
77,895
39
7,826
19
3,962
26
4,722
84 16,510
6
710
9
1,404
15
2,114
2.7%
17
2,937
3.7%
5
533
0.6%
53
11,636
Suburban
10
1,033
7.2%
7
684
4.5%
149
16,120
16
1,737
7
706
19
2,855
42
5,298
1
128
8
699
9
827
5.2%
7
893
5.3%
4
501
2.8%
23
3,205
1
33
0.5%
43
6,081
4
609
1
335
4
824
9
1,768
4
609
4
609 10.0%
5
1,159
1
31
503
100,127
59 10,172
27
5,003
49
8,401
21
2,712
28
3,550 3.6%
81
16,000
Marriott Hotel
6
4,630
Hilton Hotel & Resort
8
4,525
Airport
Highway
Resort
Total
34
6,347
7.0%
14
2,230 2.3%
7
838
24
3,830 3.7%
9
1,034 1.0%
pl
e
Leading Brands
135 23,576
2
690
30.9%
6
2,920
Doubletree Hotel
1
399
17.3%
7
2,706
Affinia Hotel
1
114
5.7%
9
2,105
Hilton Worldwide
1
399
3.2%
38
12,778
6
1,224
3
636
3
693
12
2,553
2
145
2
145
1.1%
1
150
1.2%
1
116
0.9%
8
2,142
Marriott International
2
232
2.3%
1
133
1.3%
37
10,551
13
2,605
2
478
10
1,911
25
4,994
3
550
3
550
5.2%
5
864
7.8%
1
105
0.9%
16
3,475
Starwood Hotels & Resorts
6
1,530
25.2%
2
264
3.5%
21
7,867
2
389
1
150
3
395
6
934
2
275
3.5%
4
659
InterContinental Hotels Group
4
1,124
19.4%
29
7,030
8
1,500
4
851
5
770
17
3,121
1
122
2
323
3
445
6.4%
6
867 11.8%
9
1,931
Wyndham Worldwide
2
337
14.0%
31
3,362
1
106
1
144
2
250
2
301
1
106
3
407 13.3%
1
144
1
316 11.5%
Sa
Major Companies
m
Sheraton Hotel
Market Tract by Chain Scale
New York, New York
At Q2 2012
Current Supply
2010
2011
Growth
Hotels Rooms Rate
Growth
Hotels Rooms Rate
At Q2 2012
Hotels
Rooms
Under
Starts Next
Early
Total
Q1 - Q2 2012
Q3 - Q4 2012
Construction
12 Months
Planning
Pipeline
Actual
Forecast
Proj
Rooms
Proj
Rooms
Proj
Rooms
Proj Rooms Hotels Rooms
Proj Rooms
2012
Total
Growth
Proj Rooms Rate
Proj
2013
2014
Growth
Rooms Rate
Growth
Rooms Rate
Proj
2015 &
Beyond
Proj
Rooms
5
1,614
2
570
1
144
8
2,186
16
4,514
2
388
Times Square Area
1
607
26.2%
Upper Upscale
Upscale
3
876
26.3%
Upper Midscale
Midscale
Economy
1
2
296
2.5%
Total
6
1,779
5.9%
Luxury
4
975
40.1%
Upper Upscale
3
941
39.3%
1
669
2.1%
1
316
9.5%
2,924
1
210
1
210
1
210
7.2%
9,947
1
487
1
487
1
487
4.9%
13
4,202
7
1,915
1
281
8
2,196
2
397
9.0%
12
2,365
2
268
2
570
4
838
2
268
11.3%
2
271
1
94
1
144
2
238
2
719
49
12,374
4
1,007
4
1,197
3
659
11
2,863
1
105
1
197
2
302
2.5%
2
101
32,802
16
3,981
4
1,197
7
1,654
27
6,832
1
105
2
382
3
487 1.5%
8
12
3,406
12
3,651
1
178
1
178
1
178
4.9%
2,938
4
823
5
1,188
3
685
12
2,696
1
168
1
168
5.7%
2
263
8.5%
9
2,265
2,443
8
1,358
1
52
1
142
10
1,552
2
295
2
186
4
481 22.4%
4
591 22.5%
1
52
1.6%
3
723
11,931
5
732
5
1,054
11
1,814
21
3,600
2
238
2
481
4
719
6.1%
2
127
1.0%
1
124
1.0%
16
2,868
25,011
18
3,091
12
2,532
16
2,791
46
8,414
4
533
6
1,013
10
1,546 6.3%
6
718 2.8%
4
439 1.6%
30
6,244
1
185
1
185
4.4%
1
480
94 34.7%
3.8%
1,842 5.6%
1
94 0.3%
Lower Manhattan
2
521
21.6%
15
3
254
13.4%
19
Midscale
4
Economy
Independents
Total
1
1
249
2.3%
4
445
4.0%
73
13
2,940
14.2%
5
761
3.2%
136
1
238
1
Sa
Upscale
Upper Midscale
m
pl
Independents
669 1338.0%
8
15
e
Luxury
150
2
388
1
178
471
171
Prior Hotel Openings in the Last 12 Months
Sorted by Chain Scale, then Market Tract
Project Description
Owner/Developer
Management Group
Luxury
10001
Market: New York, NY
Location: CBD
Tract:
Lower Manhattan
Nolitan Hotel
30 Kenmare St
New York
NY
10012
Location: CBD
Tract:
Lower Manhattan
Chain Scale:
Luxury
The NoMad Hotel is a turn of the century Beaux Arts building that has been restored to its original grandeur with interiors by renowned
French designer Jacque Garcia. The rooms are residential in feel and decorated with richly textured custom designed furnishings and
artwork. The hotel is centrally located to a variety of restaurants, museums and other attractions.
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Recently Opened
Oct-2008
Aug-2011
64
Independent Hotel
Chain Scale:
Luxury
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Recently Opened
Jul-2009
Aug-2011
55
Independent Hotel
Chain Scale:
Luxury
Sorgente Group of America
GFI Hotel Management
50 Broadway
New York
P: 212 668-1444
R
NY
10004
F: 211 668-1655
—
R
e
Flatiron Hotel
1141 Broadway
New York
NY
The Sydell Group
Contact: Andrew Zobler
50 Broadway
New York
NY
10004
P: 212 668-1444
F: 212 668-1655
805 3rd Ave 18th Fl
New York
P: 39 06 58332919
NY
10022
pl
Location: CBD
Tract:
Lower Manhattan
Recently Opened
Oct-2008
Apr-2012
168
Independent Hotel
The Flatiron Hotel is located south of midtown Manhattan in the historic Flat Iron District. The hotel features a rooftop lounge and
guest rooms. Amenities include wired and wireless high-speed internet, I-Home entertainment systems, and 37” flat-panel TV's. In
addition, each room features a Jacuzzi tub or Swiss and Rainfall shower heads.
m
10001
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Veracity Development
Sa
The NoMad Hotel
1170 Broadway
New York
NY
199 Lafayette St
New York
P: 212 966-6811
Veracity Development
NY
10012
F: 212 996-6882
199 Lafayette St
New York
P: 212 966-6811
R
NY
10012
F: 212 996-6882
The luxury boutique Nolitan Hotel features a restaurant, rooftop lounge, private terraces and decks. Room amenities include 37-inch
flatscreen televisions and complimentary WiFi access. Located north of Manhattan's Little Italy, the area is steeped in history and
located near a variety of boutiques, restaurants,galleries and cafes.
© Lodging Econometrics. This research information is intellectual property, is copyrighted and remains the property of Lodging Econometrics with all rights reserved. The nature of our relationship
is that of a site licensee with specific rights granted for the subscribing client. Specifically, there are no republication rights granted, nor can the research be duplicated or transmitted electronically
outside the organization nor can it be shared with or disclosed to other companies or other parties without the expressed written consent of Lodging Econometrics.
Projects Under Construction
Project Description
Owner/Developer
Management Group
Luxury
NY
Chain Scale:
Luxury
The Gem Hotel brand is a collection of boutique hotels located in Manhattan. The brand prides itself on having a style that is an
authentic reflection of its neighborhood. This GEM hotel is being developed in Union Square.
Project Stage:
Under Construction
Room Count:
Current Brand:
32
Independent Hotel
Chain Scale:
Luxury
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Under Construction
Sep-2010
Sep-2013
210
Park Hyatt
Extell Development Company
Contact: Gary Barnett
805 3rd Ave 7th Fl
New York
NY
10024
P: 212 712-6000
F: 212 712-6100
Chain Scale:
Luxury
This Park Hyatt will be part of a 90-story mixed use tower named ONE57. The tower, rising 1,000 feet and providing breathtaking
views of both Central Park and the lower Manhattan skyline, will be the tallest residential property in Manhattan. Located across from
Carnegie Hall, the building will have 95 luxury residences beginning on floor 32 above the hotel.
10019
Location: CBD
Tract:
Times Square Area
163 Orchard Holding II LLC
Contact: Ben Zion Rasabi
145-11 Jamaica Ave
Jamaica
NY
P: 516 790-1447
Gemini Real Estate Advisors LLC
Contact: William Obeid
200 Park Ave S #1305
New York
NY
10003
P: 212 871-6283
F: 212 871-7197
—
U
U
11435
163 Orchard Holding II LLC is building a boutique hotel. Originally started in 2008 with the foundation laid, this project has remained
dormant until late 2011. A new architect was brought on board for the most recent incarnation of this project. This hotel will have
access on both Orchard and Canal streets.
m
10002
Location: CBD
Tract:
Lower Manhattan
Park Hyatt
157 W 57th St
New York
Gemini Real Estate Advisors LLC
Contact: William Obeid
200 Park Ave S #1305
New York
NY
10003
P: 212 871-6283
F: 212 871-7197
—
Sa
Unbranded Hotel
163 Orchard St
New York
NY
Under Construction
Oct-2010
Jul-2012
114
Independent Hotel
e
Location: CBD
Tract:
Lower Manhattan
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
pl
GEM Hotel Union Square
52 W 13th St
New York
NY 10011
U
Projects to Start in the Next 12 Months
Project Description
Owner/Developer
Management Group
Luxury
Edition
1 Madison Ave
New York
NY
10013
Location: CBD
Tract:
Lower Manhattan
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Start Next 12 Months
Dec-2012
Mar-2015
238
Edition
Chain Scale:
Luxury
Marriott International Inc
Marriott International Inc
10400 Fernwood Rd
Bethesda
P: 301 380-3000
10400 Fernwood Rd
Bethesda
P: 301 380-3000
MD
20817
F: 301 380-6094
S
MD
20817
F: 301 380-6094
Plans to convert the former Metropolitan Life Clock Tower into a luxury hotel by designer Tommy Hilfiger and partner JSR Capital
Group were withdrawn. Marriott has purchased the property and is likely to brand as an Edition hotel
Upper Upscale
10016
Location: CBD
Tract:
Lower Manhattan
DLJ Real Estate Capital Partners
Contact: Andrew Paul Rifkin
590 Madison Ave 8th Fl
New York
NY
10022
P: 212 901-4928
Room Count:
Current Brand:
130
Independent Hotel
Chain Scale:
Upper Upscale
DLJ Real Estate Capital Partners plans to convert a 12-story 1913 Beaux-Arts building into a hotel including 20 luxury suites. The
building was purchased for $36 million in December 2011.
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Mar-2013
Nov-2014
260
Independent Hotel
Simon Development Group
Contact: Jonathan Simon
230 Park Ave #539
New York
NY
P: 213 953-7777
Chain Scale:
Upper Upscale
This hotel is the first location for Commune Hotel & Resorts new hotel brand. This brand will appeal to a distinct type of traveler; one
who is educated, involved and socially conscious with a blending of form, function, beauty and responsibility. The new concept will be
innovated, creating evolving destinations that are affordable, efficient and beautiful.
—
S
m
pl
e
10002
Location: CBD
Tract:
Lower Manhattan
Unbranded Hotel
11-13 E 31st St
New York
NY
Project Stage:
Sa
Unbranded Hotel
50-54 Canal St
New York
NY
10169
Commune Hotels & Resorts
Contact: Stephen Brandman
54 Thompson St
New York
NY
10012
P: 212 204-5000
F: 212 204-5005
S
Projects in Early Planning
Project Description
Owner/Developer
Management Group
Luxury
Room Count:
Current Brand:
150
Four Seasons
Silverstein Development Corp
Contact: Larry Silverstein
521 5th Ave
New York
NY
10175
P: 212 551-7339
F: 212 719-9222
Chain Scale:
Luxury
Work on the foundations began in late 2008 but work stopped a short time later in early 2009. This hotel would occupied 22 stories of
an 80-story residential condominium tower being developed by Larry Silverstein on the site of the former Moody’s building in Tribeca.
Project Stage:
Early Planning
Room Count:
Current Brand:
155
Independent Hotel
Chain Scale:
Luxury
Project Stage:
Early Planning
Location: CBD
Tract:
Lower Manhattan
10003
Location: CBD
Tract:
Lower Manhattan
Room Count:
Current Brand:
Chain Scale:
West Street Development LLC
Contact: Francis Greenburger
55 5th Ave #15
New York
NY
10003
P: 212 206-6000
F: 212 727-0563
72
Independent Hotel
Luxury
—
E
E
e
Time Equities Tower
50 West St
New York
NY 10006
—
pl
10007
Location: CBD
Tract:
Lower Manhattan
Unbranded Hotel
347 Bowery
New York
NY
Early Planning
Work on this project is moving forward again. A building permit application has been filed with the city and with a new architect
replacing Helmut Jahn. The $600 million project would have included a luxury hotel with ground floor retail and a restaurant. There will
also plans for 290 residential units to occupy several floors. Further planned features included an enclosed roof garden and lounge,
onsite spa, fitness center, screening room, and library lounge.
m
NY
Project Stage:
Louzon Group
Sa
Four Seasons
99 Church St
New York
666 5th Ave
New York
—
NY
10103
The developers of this property plan to develop a boutique hotel and French restaurant in the former Salvation Army building.
E
Projects That Halted Construction
Project Description
Owner/Developer
Management Group
Upper Midscale
Comfort Inn
3070 Webster Ave
Bronx
NY
Project Stage:
Cancelled
—
Room Count:
Current Brand:
48
Comfort Inn
Chain Scale:
Upper Midscale
—
C
10467
Location: Suburban
Tract:
New York City Area
Construction began on this Comfort Inn, but was halted. The property has been sold while under construction.
Economy
Room Count:
Current Brand:
120
Days Inn
Chain Scale:
Economy
10036
—
This project has been cancelled.
Sa
Location: CBD
Tract:
Times Square Area
McSam Hotel LLC
Contact: Sam Chang
420 Great Neck Rd
Great Neck
NY
11021
P: 516 773-9300
F: 516 775-2966
e
Cancelled
pl
NY
Project Stage:
m
Days Inn
548 W 48th St
New York
C
Projects that have been Cancelled
Project Description
Owner/Developer
Management Group
Upscale
Location: CBD
Tract:
Lower Manhattan
Hotel Indigo
237 Duffield St
Brooklyn
NY
Chain Scale:
Upscale
This vacant property will be developed into a a Courtyard by Marriott. The land was sold by Sam Chang's McSam Hotel Group for $15
million.
Project Stage:
Cancelled
Room Count:
Current Brand:
95
Independent Hotel
Chain Scale:
Upscale
Project Stage:
Cancelled
10003
Room Count:
Current Brand:
Chain Scale:
CA
IBC Chambers LLC
Contact: Wililam Coleman
950 3rd Ave #3101
New York
NY
P: 212 980-4200
C
94109
—
C
10022
This hotel project is cancelled. Instead of a hotel, this project is going to be residential housing.
21
Independent Hotel
Upscale
Project Stage:
Cancelled
Room Count:
Current Brand:
180
Hotel Indigo
Chain Scale:
Upscale
11201
Location: Suburban
Tract:
New York City Area
—
m
NY
240
Courtyard by Marriott
10007
Location: CBD
Tract:
Lower Manhattan
The Charles
1355 First Ave
New York
Room Count:
Current Brand:
Today's Hotel Corp
Contact: Peter Zen
1500 Van Ness Ave
San Fransisco
P: 415 441-4000
Bluerock Real Estate
Contact: Philip Mendlow
70 E 55th St Heron Tower
New York
NY
10022
P: 212 843-1601
F: 646 278-4220
—
C
Sa
Unbranded Hotel
87 Chambers St
New York
NY
Cancelled
e
Location: CBD
Tract:
Lower Manhattan
Project Stage:
pl
Courtyard by Marriott
50 Trinity Pl
New York
NY 10006
V3 Hotels
Contact: Gary Gopalani
26 Court St #2710
Long Island City
NY
11101
P: 718 707-0060
F: 718 707-0067
Graves Hotels & Resorts
Contact: James J. Graves
404 W Saint Germain St
Minneapolis
MN
55403
P: 320 252-6034
F: 320 252-3029
C
Projects that have been Postponed
Project Description
Owner/Developer
Management Group
Upscale
Hyatt Place
W 125th St & Lenox Ave
New York
NY 10027
Location: CBD
Tract:
Uptown/Midtown East
Project Stage:
On Hold
Room Count:
Current Brand:
177
Hyatt Place
Chain Scale:
Upscale
—
Contact: Emmitt Smith
—
Dallas
TX
O
This project is on hold.
Upper Midscale
On Hold
Room Count:
Current Brand:
56
Independent Hotel
Chain Scale:
Upper Midscale
—
O
pl
10018
Location: CBD
Tract:
Times Square Area
McSam Hotel LLC
Contact: Sam Chang
420 Great Neck Rd
Great Neck
NY
11021
P: 516 773-9300
F: 516 775-2966
e
Project Stage:
McSam Hotel plans to develop a mid-market, full service hotel on West 40th St in New York City. The project is currently on hold,
according to Sam Chang.
m
Unbranded Hotel
308 W 40th St
New York
NY
Howard Johnson
5 Allen St
New York
NY
Project Stage:
10013
Location: CBD
Tract:
Lower Manhattan
Room Count:
Current Brand:
Chain Scale:
Sa
Midscale
On Hold
43
Howard Johnson
Midscale
East West Bank
Contact: Dennis Lee
555 Montogomery St #129
San Francisco
CA
P: 415 315-2832
—
94111
Richland Holding LLC was constructing a 12-story, 43 key hotel where the Hong Kong Supermarket was once located. Attempts were
made to sell the property, but fell short. The mortgage from United Commercial Bank was closed by the FDIC and sold to East West
Bank of San Francisco. No construction is taking place on this property.
O
Size p
Projects with Residential Condo Hotel or Timeshare Units
Sorted by Chain Scale, Project Stage, then Market Tract
Hotel
Developer
Management Company
Project Phase Timelines Start Date Open Date
Luxury
Park Hyatt
157 W 57th St
New York NY 10019
Gary Barnett
Extell Development Company
805 3rd Ave 7th Fl
New York
NY 10024
Phase 1 Under Construction
Phase 2
Phase 3
—
Sep 13
Units and Room Counts by Stage
P: 212 712-6000 F: 212 712-6100
Open
Under
Start Next
Early Remaining
Units Construction 12 Months Planning Buildout
New York, NY
Times Square Area
Luxury
Park Hyatt
Timeshare Units
Fractionals
Private Residences
Condo Hotel Units
Hotel Rooms
Re
95
210
e
Market:
Tract:
Chain Scale:
Current
Brand:
Sep 10
Larry Silverstein
Silverstein Development Corp
521 5th Ave
New York
NY 10175
—
m
Four Seasons
99 Church St
New York NY 10007
pl
This Park Hyatt will be part of a 90-story mixed use tower named ONE57. The tower, rising 1,000 feet and providing breathtaking views of both Central Park and the lower Manhattan skyline, will be the
tallest residential property in Manhattan. Located across from Carnegie Hall, the building will have 95 luxury residences beginning on floor 32 above the hotel.
Units and Room Counts by Stage
New York, NY
Lower Manhattan
Luxury
Four Seasons
Sa
P: 212 551-7339 F: 212 719-9222
Market:
Tract:
Chain Scale:
Current
Brand:
Phase 1 Early Planning
Phase 2
Phase 3
Open
Under
Start Next
Early Remaining
Units Construction 12 Months Planning Buildout
Timeshare Units
Fractionals
Private Residences
Condo Hotel Units
Hotel Rooms
Re
150
150
Work on the foundations began in late 2008 but work stopped a short time later in early 2009. This hotel would occupied 22 stories of an 80-story residential condominium tower being developed by Larry
Silverstein on the site of the former Moody’s building in Tribeca.
Brand Conversion Projects
Project Description
Owner/Developer
Management Group
Upper Upscale
Location: CBD
Tract:
Uptown/Midtown East
Host Hotels & Resorts Inc
Starwood Hotels & Resorts Worldwide Inc
6903 Rockledge Dr #1500
Bethesda
MD
20817
P: 240 744-1000
F: 240 744-5494
1 StarPoint
Stamford
P: 203 964-6000
Project Stage:
Start within 6 Months
DiamondRock Hospitality
Projected Opening:
Room Count:
Current Brand:
New Brand:
Chain Scale:
New Chain:
Mar-2013
705
Radisson Hotel
Autograph Collection
Upscale
Upper Upscale
3 Bethesda Metro Ctr #1500
Bethesda
MD
20814
P: 240 744-1150
F: 240 744-1199
CT
06902
The New York Helmsley was sold in March 2011. Starwood Hotels & Resorts has taken over management and will oversee the
conversion to a Westin Hotel. The hotel is undergoing a $65 million renovation that will revamp guest rooms, upgrade the building's
facade, extend the lobby bar-restaurant, and add five breakout meeting rooms. The hotel will remain open as it renovates two floors at
a time.
e
Radisson Lexington Hotel
511 Lexington Ave
New York
NY 10017
Underway
Dec-2011
Sep-2012
774
Helmsley Hotel
Westin Hotel
Luxury
Upper Upscale
pl
Location: CBD
Tract:
Uptown/Midtown East
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
New Brand:
Chain Scale:
New Chain:
Highgate Holdings
Contact: Yezdi Katrak
870 7th Ave #26
New York
NY
10019
P: 212 980-2989
F: 212 223-8893
The owners of the Radisson Lexington Hotel will spend $30 million in renovations to reposition the hotel into the branded boutique
Marriott Autograph Collection.
m
The New York Helmsley
212 E 42nd St
New York
NY 10017
Upscale
Location: CBD
Tract:
Uptown/Midtown East
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
New Brand:
Chain Scale:
New Chain:
Underway
Oct-2011
Oct-2012
211
Helmsley Hotel
Residence Inn
Luxury
Upscale
Stonebridge Companies
Contact: Randy Santulli
9100 E Panorama Dr #300
Englewood
CO
80112
P: 303 785-3100
F: 303 785-3199
Sa
Helmsley Middletowne Hotel
148 E 48th St
New York
NY 10017
Stonebridge Companies
Contact: Randy Santulli
9100 E Panorama Dr #300
Englewood
CO
80112
P: 303 785-3100
F: 303 785-3199
The Helmsley Middletowne Hotel may convert to a Residence Inn.
Announced Renovation Projects
Project Description
Owner/Developer
Management Group
Luxury
Room Count:
Current Brand:
934
Independent Hotel
Chain Scale:
Luxury
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Underway
Feb-2012
Aug-2012
165
Independent Hotel
Chain Scale:
Luxury
Project Stage:
Construction Start:
Projected Opening:
Room Count:
Current Brand:
Underway
Dec-2011
Aug-2012
1,425
The Waldorf=Astoria
Collection
10022
Location: CBD
Tract:
Uptown/Midtown East
Chain Scale:
Luxury
Bethesda
MD
20814
P: 301 941-1500
F: 301 941-1553
Highgate Holdings
Contact: Yezdi Katrak
870 7th Ave #26
New York
NY
10019
P: 212 980-2989
F: 212 223-8893
Located across the street from Carnegie Hall, the Park Central Hotel is within walking distance of midtown businesses, shopping and
some of New York City’s greatest tourist attractions. The Park Central Hotel has 14,000 square feet of meeting and function space,
including a 8,500 square feet Grand Ballroom. A $35 million renovation is planned to upgrade the guest rooms and public areas.
e
HNA International Hotels & Resorts
28F, Yintong International Ctr
Haikou
HAINA 570125
N 86 898 68501002
P: 86 898 68501007 F:
pl
10036
Location: CBD
Tract:
Times Square Area
Waldorf Astoria
301 Park Ave
New York
NY
LaSalle Hotel Properties
Viceroy Hotel Group
Contact: Bradford Korzen
421 S Beverly Dr 7th Fl
Los Angeles
CA
90212
P: 424 249-6900
F: 424 249-6901
The new owners of Cassa Hotel are making minor revisions to the public spaces and constructing a restaurant. The hotel will take on
a new name at the completion of the project.
m
NY
Underway
Apr-2012
10019
Location: CBD
Tract:
Lower Manhattan
Cassa Hotel
70 W 45th St
New York
Project Stage:
Construction Start:
The Blackstone Group LP
Sa
Park Central Hotel
870 7th Ave
New York
NY
345 Park Ave
New York
P: 212 583-5000
NY
10154
F: 212 583-5749
Hilton Worldwide
7930 Jones Branch Dr #1100
McLean
VA
22102
P: 703 883-1000
F: 703 883-6186
Restoration of the automobile court in front of the hotel is planned. The entry will have a glass and nickel silver clad canopy that would
stretch across the three primary openings on the Park Ave facade.
Transaction Metrics - Last 4 Quarters
New York, New York
At Q2 2012
Transactions with a
Reported Selling Price
Hotels
Rooms
Other Individual
Transactions
Hotels
Portfolio Sales
Rooms
Hotels
Merger Transfers
Rooms
Hotels
Rooms
Total Hotels Sold or
Transferred
Hotels
Rooms
Hotels Known to be
Distressed
Hotels
Rooms
Market Tract
Times Square Area
2
1,077
2
448
4
1,525
5
1,592
Lower Manhattan
6
1,838
2
504
8
2,342
2
390
Uptown/Midtown East
2
391
1
899
4
1,470
2
273
New York City Area
3
579
3
579
1
214
13
3,885
19
5,916
10
2,469
Luxury
1
298
2
478
2
519
Upper Upscale
1
436
1
436
2
1,083
Upscale
2
706
1
224
3
930
Upper Midscale
1
146
2
452
3
598
1
214
8
2,299
2
1,175
10
3,474
5
653
13
3,885
5
1,851
1
180
19
5,916
10
2,469
5
1,851
1
180
9
2,255
1
180
Rockland/Westchester
5
1,851
1
Chain Scale
Independents
Total
Location
CBD
Sa
Economy
m
Midscale
180
pl
1
180
e
Total
10
3,306
16
5,337
Suburban
2
143
2
143
Airport
1
436
1
436
1
214
13
3,885
19
5,916
10
2,469
Highway
Resort
Total
5
1,851
1
180
When reading this report, please refer to the appendices for other footnote explanations, Glossary of Terms and our Site Licence Agreement.
Transaction Metrics - Last 4 Quarters
New York, New York
At Q2 2012
Transactions with a
Reported Selling Price
Hotels
Rooms
Other Individual
Transactions
Hotels
Portfolio Sales
Rooms
Hotels
Merger Transfers
Rooms
Hotels
Rooms
Total Hotels Sold or
Transferred
Hotels
Hotels Known to be
Distressed
Rooms
Hotels
Rooms
Hotel Size
<75 Rooms
1
64
1
64
75 - 150 Rooms
4
460
4
460
151 - 300 Rooms
4
914
9
301 - 500 Rooms
2
916
>500 Rooms
2
952
1,531
1
899
13
3,885
5
1,851
1
436
1
1
Sheraton Hotel
1
224
Major Companies
Hilton Worldwide
1
146
Marriott International
3
960
Starwood Hotels & Resorts
InterContinental Hotels Group
Wyndham Worldwide
Sa
Affinia Hotel
m
Hilton Hotel & Resort
Doubletree Hotel
180
pl
Leading Brands
Marriott Hotel
180
e
Total
4
1
224
3
191
2,046
5
1,099
2
916
1
316
3
2,430
1
863
19
5,916
10
2,469
1
436
1
224
2
370
3
960
1
863
1
228
1
228
1
214
1
224
1
224
1
220
When reading this report, please refer to the appendices for other footnote explanations, Glossary of Terms and our Site Licence Agreement.
Transactions with a Reported Selling Price
Last Four Quarters - Sorted by Chain Scale, then Market Tract
Hotel Description & Transaction Details
Buyer
Seller
Luxury
Ritz-Carlton
2 West St
New York
P: 212 344-0800
NY
10004
F: 212 344-3801
Location: CBD
Lower Manhattan
Tract:
Date of Sale:
Selling Price:
Price per Room:
Feb-2012
$105,000,000
$352,349
Room Count:
Year Built:
Chain Scale:
298
2002
Luxury
Westbrook Partners LLC
Millennium Partners
Contact: Avi Banyasz
Contact: Pam Malkani
645 Madison Ave 18th Fl
1995 Broadway
New York
NY
10022
New York
NY
10023
United States
United States
P: 212 849-8800
F: 212 849-8801
P: 212 875-4900
F: 212 595-1831
Westbrook Partners LLC purchased the 298 room Ritz-Carlton, from Millennium Partners, for $105 million.
Gen
Ma
Individual Sales—With A 100% Ownership Interest Acquired
Room Count:
Year Built:
Chain Scale:
934
1929
Luxury
Date of Sale:
Selling Price:
Price per Room:
Location: CBD
Lower Manhattan
Tract:
Room Count:
Year Built:
Chain Scale:
Feb-2012
$48,300,000
$483,000
Highgate Holdings
Contact: Mahmood Khimji
545 E John Carpenter Fwy #1400
Bethesda
MD
20814
Irving
TX
75062
United States
United States
P: 301 941-1500
F: 301 941-1553
P: 972 444-9700
F: 972 444-9210
LaSalle Hotel Properties purchased the 934 room Park Central Hotel, from Highgate Holdings, for $396.2 million. Highgate will continue to
manage the property. The owner plans a $35 million renovation.
100
1998
Luxury
Gen
3q11
Hi
16 East 32 Corp
Ferrado US LLC
Contact: Steven Grapstein
Contact: Xavier Ruiz
16 E 32nd St
20411 S W Birch St #360
New York
NY
10016
Newport Beach
CA
94301
United States
United States
P: 212 299-7000
F: 212 299-7001
P: 650 322-9000
F: 650 324-3609
16 East 32 Corp purchased the 100 room Vinci Avalon Hotel, from Ferrado US LLC, for $48.3 million.
Gen
King & Grove
Gen
Sa
The Vincci Avalon Hotel
16 E 32nd St
New York
NY
10016
P: 212 299-7000
F: 212 299-7001
LaSalle Hotel Properties
e
Location: CBD
Lower Manhattan
Tract:
Jan-2012
$396,200,000
$424,197
pl
NY
10019
F: 212 707-5557
Date of Sale:
Selling Price:
Price per Room:
m
Park Central Hotel
870 7th Ave
New York
P: 212 247-8000
Vi
Hotel Williamsburg & Residences
162 N 12th St
Brooklyn
NY
11211
P: 718 218-7500
F: 718 218-7555
Date of Sale:
Selling Price:
Price per Room:
Mar-2012
$33,000,000
$515,625
Location: Suburban
New York City Area
Tract:
Room Count:
Year Built:
Chain Scale:
64
2011
Luxury
Graves Hotels & Resorts
Contact: James J. Graves
404 5th Ave 4th Fl
404 W Saint Germain St
New York
NY
10018
Minneapolis
MN
55403
United States
United States
P: 646 230-9360
F: 646 230-9371
P: 320 252-6034
F: 320 252-3029
King & Grove, a subsidiary of the Chetrit Group, purchased the 64 room Hotel Williamsburg & Residences, from Graves Hotels & Resorts,
for $33 million. The hotel will be known as the King & Grove Williamsburg.
Ki
Other Transactions
Buyer
Seller
Luxury
New York Palace Hotel
455 Madison Ave
New York
NY
10022
P: 212 888-7000
F: 212 355-0820
Date of Sale:
Location: CBD
Uptown/Midtown East
Tract:
Room Count:
Year Built:
Chain Scale:
Jul-2011
899
1979
Luxury
Northwood Investors
Dorchester Collection
Contact: John Z. Kukral
Contact: Christopher Cowdray
575 5th Ave., 23rd Fl
3 Tilney St
New York
NY
10017
London
ENGLA
W1K 1BJ
United States
United Kingdom
P: 212 573-0801
F: 212 202-5301
P: 44 20 76294848
F: 44 20 76290202
Northwood Investors purchased the 899 room New York Palace Hotel leasehold, from Dorchester Collection (Brunei Investment Agency),
for $377 million.
Gen
Meri
No
Individual Sales—Other
Upper Upscale
Jun-2012
Room Count:
Year Built:
Chain Scale:
276
1900
Upper Upscale
Individual Sales—Other
pl
NY
10016
F: 212 689-0023
Location: CBD
Lower Manhattan
Tract:
King & Grove Hotels
Rockpoint Group LLC
Contact: Ed Scheetz
Contact: Keith Gelb
512 7th Ave
500 Boylston St #1880
New York
NY
10018
Boston
MA
02116
United States
United States
P: 212 675-5100
P: 617 437 8400
F: 415 438-7921
King & Grove Hotels purchased the 276 room Hotel Thirty-Thirty, from Rockpoint Group LLC, for an undisclosed sum.
e
Date of Sale:
Gen
Ki
m
Hotel Thirty-Thirty
29 E 29th St
New York
P: 212 689-1900
Upscale
Date of Sale:
Location: CBD
Times Square Area
Tract:
Room Count:
Year Built:
Chain Scale:
Apr-2012
RockBridge Capital LLC
Magna Hospitality Group LLC
Contact: Alan L Assaf
Contact: William Burruss
4100 Regent St Ste G
300 Centerville Rd #300E
Columbus
OH
43219
Warwick
RI
02886
United States
United States
P: 614 246-2437
F: 614 246-2481
P: 401 886-4484
F: 401 886-4485
RockBridge Capital LLC bought out the partner's share of the 224 room Doubletree Hotel Times Square South, from Magna Hospitality
Group LLC, for an undisclosed sum. The seller will continue to manage the property.
Sa
Doubletree Hotel Times Square South
341 W 36th St
New York
NY
10018
P: 212 542-8990
F: 212 542-8999
224
2008
Upscale
Individual Sales—With A Partial Ownership Interest Acquired
Gen
Ma
Portfolio Sales
Buyer
Seller
Luxury
The Carlyle Hotel
35 E 76th St
New York
P: 212 744-1600
Date of Sale:
Aug-2011
Room Count:
Year Built:
Chain Scale:
180
1922
Luxury
NY
10021
F: 212 717-4682
Location: CBD
Uptown/Midtown East
Tract:
Sa
m
pl
e
Portfolio Sales—With Unallocated Selling Prices
New World Development Company Ltd
Maritz Wolff & Co
Contact: Cheng Yu-Tung
Contact: Lewis Wolf
New World Tower 30 Fl
11828 La Grange Ave #200
Hong Kong
Los Angeles
CA
90025
People’s Republic of China
United States
P: 852 25231056
F: 852 28104673
P: 310 477-3593
F: 310 477-2522
New World Hospitality has completed a US$229.5 million transaction to purchase Rosewood Hotels, including 5 luxury hotels: The Carlyle
Hotel in New York City, Rosewood Inn of the Anasazi in Santa Fe, New Mexico, Rosewood Little Dix Bay in the British Virgin Islands,
Rosewood Crescent Hotel in Dallas and Rosewood Mansion on Turtle Creek in Dallas.
When reading this report, please refer to the appendices for other footnote explanations, Glossary of Terms and our Site LicenZe Agreement.
Gen
Ro
Merger Transfers
Sa
m
pl
e
There are no project or hotel records that meet
this specification in the current quarter.
Hotels Known to be Distressed
Sorted by Type of Distress, Chain Scale, then Market Tract
Foreclosure Filed
Luxury
The Alex Hotel
205 E 45th St
New York
NY 10017
P: 212 867-5100
F: 212 867-7878
Tract: Uptown/Midtown East
Current Ownership: Izak Senbahar
Management:
In July 2012: The property remains in foreclosure.
In April 2012: The court ruled the lender could proceed with foreclosure. It is anticipated the property will be surrendered to
the lender by the end of 2012.
In January 2012: The property is still in receivership. The partnership holding the debt is formed by Rockpoint Group, Atlas
Capital Group and The Procaccianti Group.
In October 2011: The property remains in receivership.
In August 2011: The property remains in receivership.
In June 2011: The owner continues to operate the property with the receiver.
150 E 58th St #33
New York
NY
10155
P: 212 371-8188
1 Post Office Sq #3100
Boston
MA
02109
P: 617 412-2800
298
Luxury
1992
Renovation Date: 2011
Alexico Management Group
Pyramid Hotel Group LLC
Rooms:
Chain Scale:
Year Built:
Brand Affiliation:
203
Luxury
2003
2012
Alexico Management Group
Pyramid Hotel Group LLC
In July 2012: There has been no change in ownership or management.
In April 2012: The court ruled the lender could proceed with foreclosure. It is anticipated the property will be surrendered to
the lender by the end of 2012.
In January 2012: The property is still in receivership. The partnership holding the debt is formed by Rockpoint Group, Atlas
Capital Group and The Procaccianti Group.
In October 2011: The property remains in receivership.
In August 2011: The property remains in receivership.
In June 2011: The owner continues to operate the property with the receiver.
150 E 58th St #33
New York
NY
10155
P: 212 371-8188
1 Post Office Sq #3100
Boston
MA
02109
P: 617 412-2800
e
Current Ownership: Izak Senbahar
Management:
Rooms:
Chain Scale:
Year Built:
pl
135 W 52nd St
New York
NY 10019
P: 212 887-9400
F: 212 887-9442
Tract: Times Square Area
Jack 2
F6
Jack 2
F6
m
Flatotel International
Hotel 41
206 W 41st St
New York
NY 10036
P: 212 703-8600
F: 212 703-0895
Tract: Times Square Area
Current Ownership: Benjamin Soleimani
Management:
Steven Marx
Sa
Upper Upscale
Rooms:
Chain Scale:
Year Built:
Hotel 41
Boutique Hotel Company
47
Upper Upscale
2002
In July 2012: The property remains in foreclosure.
In April 2012 There has been no recent announcement concerning the foreclosure.
In January 2012: The auction was not held and the partners are still in negotiation.
In November 2011: Crane, AG, a 50% owner of the hotel, filed to foreclose on the developer. An auction has been
scheduled for December 5, 2011.
160 E 56th St
350 Fifth Ave #4218
New York
New York
NY
NY
10022
10174
P: 212 750-5588
P: 212 967-9929
Jack 2
1a

New York, NY - Lodging Econometrics

Transcription

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