The New Coney Island - Brooklyn's Times Square by the Sea

Friday, August 23, 2013

Close to 20 new hotels planned for Brooklyn

Real Deal excerpt -

Beyond Holiday Inn: Upscale hotel projects flood Brooklyn

For years, Brooklyn has been a difficult place to find a hotel room. But the number — and quality — of Brooklyn hotels is set to soar, thanks to nearly 20 new projects planned for the borough.

The number of Brooklyn hotel rooms is slated to jump by more than 25 percent by 2018, from roughly 4,000 to more than 5,000, according to data from the hospitality analytics company Smith Travel Research.

“There is a lot more interest in Brooklyn than there has been historically,” said Sean Hennessey, founder of the consulting firm Lodging Advisors.

Several of the projects will be significantly larger and higher-end than most of the 60-odd hotels already up and running in the borough. Right now, there are only three Brooklyn hotels with 200 rooms or more, but six of the new ones will have at least that many rooms: The most prominent of those include 1Hotel in Brooklyn Bridge Park, being developed by Toll Brothers and Starwood Capital; Second Development Services’ 95 Rockwell Place near the Brooklyn Academy of Music; the revamped Bossert Hotel in Brooklyn Heights, a project by David Bistricer and the Chetrit Group; and developer Juan Figueroa’s 250-room hotel next to the historic Williamsburgh Savings Bank building at 155 Broadway.

These projects also stand out for their individualized branding and stylish d├ęcor, bringing a new level of luxury to a borough  that is dominated by chains such as Holiday Inn, Hampton Inn and Clarion.

“Those are going to be high-end hotels on the level of what you would see in Manhattan,” said Brian Leary, a managing partner at commercial brokerage CPEX, who worked on the 95 Rockwell Place deal. “They are bringing us to a whole other level.”

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