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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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
