What are you seeing as far as business travelers, tourists and foreign travelers for New York hotels?
We have lost a lot of commercial and business travelers, but we have somewhat made up for those with the influx of tourist traffic, although at a much lower room rate. International has held up reasonably well. It’s down, but not as much as domestic. Some have said they expect transactions for distressed hotel development projects to escalate through early 2010. What are you expecting? I would concur with that expectation. We have not seen anything actually as of yet, but there is a sense that there will be either foreclosures or some form of distressed adjustment coming later in the fall and into next year. What do you expect to happen in the New York hotel market in the coming year? Are we going to see hotels shutter? If anything gets shuttered, it will only be something at the very bottom of the market. Traditionally what happens in the hotel market is you end up trading down, so something that was a better hotel becomes a less good hotel. Which of the new hotels do you expect to st
Related Questions
- What are some East Fishkill hotels that provide friendly service and a quaint atmosphere for New York tourists?
- What are you seeing as far as business travelers, tourists and foreign travelers for New York hotels?
- Which sector of the hotel market, business travelers or tourists, is holding most steady?
