The hotel is positioned in a part of the city seeing a continued development boom led by the 1.5-million-sf New York Times Building and the one-million-sf 11 Times Square Building. Will Obeid, president of Gemini, notes that the company believes the west side of Midtown Manhattan is a great place to invest in hospitality assets.
"This hotel is well positioned to capture the growing number of business travelers and tourists to New York," he notes, "and there are a lot of positive demand drivers in this submarket. In addition to the nearby new office developments, we're also looking forward to the Jacob Javitz Center expansion and the Hudson Yards Redevelopment initiative."
According to Smith Travel Research, New York City commanded the highest revenue per available room of any city in the US during 2006. Forty-four million visitors traveled to Manhattan in 2006, resulting in the highest tourism year on record. Recent Reports by HVS International and PricewaterhouseCoopers expect RevPar growth of 12% in 2007 and continued double-digit growth in 2008 and 2009. Gemini did not respond to GlobeSt.com queries before press time.
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