New Yorkers have certainly noticed that the new and renovated hotels have suddenly been popping up around the city.
One of the major causes of the wave of room demand is the fall of the dollar, which has drawn hundreds of foreigners to visit New York City. The increased tourism and demand have encouraged new construction. Renovated Manhattan hotels such as the Paramount Hotel, the Ecelsior Hotel, Algonquin Hotel and four Triumph hotels owned by Shimmie Horn are all perfect examples of the phenomenon.
It is especially interesting to look back on the late 80s, where a similar situation arose. In 1988, the Crown Plaza was only one of the many renovated hotels in the Manhattan area, as a result of the fall of the dollar. Many new hotels were constructed then as well.
In 1989, Robert K. Cole of Journey’s End Corp. explained “Every hotel company in the world wants to be in the New York market.”
Stephen W. Brener, an expert in the field, was quoted as saying “Manhattan needs more big hotels in which to hold national and regional conventions.” He continued, stating that hot spots for development should be the Times Square area, as well as lower Manhattan. “New York is becoming a city to visit again, to walk around in, go shopping, go to the theater and the sort of restaurants you will never find in the suburbs. Smart hotel managers are taking advantage of this trend.”
Looking at Manhattan today, it is easy to see the truth in Mr. Brener’s words.