NYC gets a ton of new hotels despite COVID increase

Shaken, but things are moving.

Sure, the city’s hotel biz took a beating this year – we lost icons like the Gramercy Park Hotel and the ultra-trendy NoMad Hotel – but according to Joel Rosen, president of New York-based GFI Hospitality, a real estate development and investment company , it was no knockout blow.

“It’s coming back,” said Rosen, whose company opened Thompson Central Park in November (formerly Parker). “It is not robust, but is the hotel industry over? No not at all. Real estate in New York is historically very robust. “

He cites the global recession of 2008 as an example: “It was all doom and gloom, but it came back, better than ever,” he said.

GFI has actually experienced tremendous growth in hotel development over the past decade. This summer, the company added Ace Hotel Brooklyn on Schermerhorn Street in Boerum Hill to its hotel holdings in New York, which include Ace Hotel New York, Beekman and James New York NoMad; all major projects that have revitalized historic buildings, and even kickstarted neighborhoods like Nomad.

Interior view of a room at the Ace Hotel Brooklyn.
Prices for the Ace Hotel Brooklyn start at $ 149 per night. night.
Stephen Kent Johnson

Still, the hotel industry is in bad shape and is unlikely to fully recover in some time, The Post reported.

“It’s the kind I’ve not seen in my life and hopefully will not see again,” Rosen said. “But the demand drivers have returned. The entertainment and leisure activities have returned. The restaurants have returned to the resounding enthusiasm of locals and tourists. There is a huge accumulated demand for travel. And the prices have remained fairly stable, which is surprising and useful.”

The bar at the Ace Hotel Brooklyn.
Prices at Civilian start at a modest $ 127 per person. night.
Johnny Miller

We’re already seeing a flurry of new hotels open their doors, including the newly built luxury Pendry Manhattan West, the Moore Hotel in Chelsea, the Civilian NYC in New York’s Theater District, the restored Park Lane New York in Central Park South, the new Ritz-Carlton New York building in Nomad opens February 2022 at 1185 Broadway and 28th Street and Fifth Avenue Hotel, a six-story turn-of-the-century building with an added 24-story newly built tower, at West 28th Street and Fifth Avenue, also with delivery in early 2022.

Next year, French hotel brand Group Barrière will unveil its first American hotel, Hôtel Barrière Le Fouquets New York, right in Tribeca at 456 Greenwich St. This eight-story hotel will consist of 96 rooms and suites, numerous restaurants, a 1,500-square-foot courtyard, a spa, a swimming pool and a state-of-the-art viewing space – a perfect addition to the prestigious Tribeca Film Festival on the doorstep.

“We hope it will be a premier venue for festival goers,” said Joshua Caspi, principal at Caspi Development, whose property portfolio of hotels, homes and offices spans New York’s metropolitan area, including the Chambers Hotel on West 56th and the Watson Hotel on West 57th.

There’s no doubt that 2021’s COVID shutdown put a dent in Hôtel Barrière Le Fouquet’s revelation of New York: “It was not pleasant: it gave us a 71-day shutdown that cost us a few million dollars,” said Caspi. “But we have a lot of experience in keeping the boat afloat. I think as fast as the acceleration went down, it will match it up again. “

We have contracts with five additional hotel developments in New York City and around the country

Joshua Caspi, Rector of Caspi Development

In the long run, Caspi is also very excited: “We have contracts with another five hotel developments in New York City and around the country,” he said.

Despite the new Omicron wave, Rosen also sees light at the end of the tunnel.

“We are cautiously optimistic,” Rosen said.


Leave a Comment