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

Tuesday, February 3, 2015

Real Deal - Mapping Brooklyn's red-hot hotel market

Excerpt -

Brooklyn’s hotel development scene is booming, a trend fueled by an influx of well-off residents and an increase in tourism in the borough. A total of 1127 hotel rooms will open in Brooklyn in 2015, a 26 percent increase in one year, according to data from hospitality research firm STR. In 2016, at least another 991 rooms will likely be added.

 Despite more inventory coming online, room rates have been soaring. Average hotel rates in Brooklyn climbed from $144 in 2010 to $170 in 2014, a nearly 18 percent rise. Meanwhile, the supply of available rooms during the same period jumped from 3,247 to 4,272, about a third higher.

In contrast, the number of rooms in Manhattan went up about 13 percent during this period to 87,768. Average rates increased about 14 percent, to $292 in 2014.

Brooklyn has 11 hotels slated to open in 2015 and at least 10 planned for 2016. While the buildings tend to be concentrated in the northern section of the borough, particularly Downtown Brooklyn and the city’s planned BAM-centered Brooklyn Cultural District. But hotels will go up in a number of Brooklyn neighborhoods.

Indeed, this year new hotels will open their doors in, among others, Bedford-Stuyvesant, Gowanus, Bushwick, Brownsville and Crown Heights.

Prices will likely continue to climb, even with a sizable portion of growth coming from midscale hotels, including three La Quinta Inn & Suites, two Sleep Inns and a Quality Inn.

For a big picture view of Brooklyn Hotels opening in the next two years, take a look at our interactive map.

See more at: http://therealdeal.com/blog/2015/01/30/mapping-brooklyns-red-hot-hotel-development/

No comments: