That Hotel Boom? It's Done.
That hotel boom we’ve been talking about looks to be a thing of the past.
There were just six applications filed with the city for new hotels of more than 10 units last quarter, bringing a measly 512 rooms into the pipeline, according to The Real Deal.
Compare that to 2015, when the average number of new hotel rooms to enter the pipeline was 1,158 each quarter. The numbers were even greater throughout 2014, with 2,253 new rooms planned per quarter.
The supply binge, along with the impact of Airbnb, have meant a recent dip in hotel room rates. The slowing of hotel construction will likely mean a lot less construction dust on the streets of neighborhoods like Long Island City, which has seen 37 new hotel projects built or applied for since 2010. [TRD]