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NYC hotel pipeline shrinks as occupancy and tourism rebound
A 41-story hotel project on Sixth Avenue is slated for 2029, as New York’s hotel construction pipeline is down to about one-third of 2020 levels, according to the New York State Comptroller’s Office.
New York City’s hotel construction pipeline has fallen to roughly one-third of its 2020 level, according to an October report cited by Bisnow, even as tourism is nearing pre-pandemic levels.
Bisnow notes that the city may soon face a shortage of rooms, citing industry comments that New York’s hotels can fill demand and that visitor numbers could exceed the 2019 record by 2028, if not sooner.
Vijay Dandapani, president and CEO of the Hotel Association of New York City, said the city could become “under-hoteled,” meaning there would not be enough hotels to meet demand.
The outlet points to development such as a 41-story hotel planned for a Sixth Avenue site near Times Square, with construction signs advertising the project ahead of a 2029 opening.