Hotel Development Booming in Lower Manhattan
LIKE the distant sound of an approaching herd, the rumble of hotel developers coming into Lower Manhattan is growing ever louder. With more than 3,000 hotel rooms under construction or in various stages of planning, hotel capacity there could more than double within a few years.
The luxury W New York-Downtown Hotel & Residences, the brand’s first property in that neighborhood, is scheduled to open in 2008.
Luxury developments include a W Hotel at 123 Washington Street and a boutique hotel at 75 Wall Street. Both projects will offer full-service hotel rooms, as well as residential units for sale. At the same time, a dozen other hotel projects are under way, many of them by the McSam Hotel Group, a developer based in Long Island City, Queens. Read more
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