Hospitality’s Outlook Couldn’t Be Rosier
Over the next year and a half, thousands of individuals will be visiting New York and trying to find a hotel room. They’re in for some good news: During that time we can expect close to 5,000 new rooms in New York City — about 4,000 of those will come on line in Manhattan.
According to a research report from PricewaterhouseCoopers, international travelers to America increased by 6.7% in 2005. During 2004 and 2005 international travelers to America increased by 20.3%, the largest two year increase since 1996. Many of these international and domestic travelers will be seeking a room, probably paying the highest prices ever recorded for a room.