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Hotel Supply Growth Could Hit Full Stop

NEW YORK CITY-More than 8,000 keys will be added to Manhattan's inventory this year and next, but 2012 will see 'close to zero,' says LDG's Elsner.

By Paul Bubny | Updated on April 15, 2010

NEW YORK CITY-The debut last week of the Trump Soho hotel-condominium here marked the latest in a series of openings that Lodging Development Group says will bring 32 new properties to Manhattan by the end of this year. In 2011, the borough will see five additional openings. After that, well…not much at all.

“In 2012, there will be very close to zero,” Jack Elsner, principal of the Alexandria, VA-based development research company, tells GlobeSt.com. “For anything to open in ’12, it would have to be under construction now, and there really isn’t anything starting.”

The 6,976 new rooms that are expected to be added to Manhattan’s inventory by the end of 2010 are more than the 2008 and 2009 totals combined. Thirty-three new properties and a total of 5,540 keys opened for business in those two years. “What we’re seeing this year in terms of openings is from the peak of the cycle,” Elsner says.

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