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Hotel market staggers in New York City

Strong dollar, weak global economy could curb tourism and undermine city's appeal to developers and investors

Published Thu, Mar 5, 2015 · 09:50 PM
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New York

ON 41st Street near Times Square, a Hyatt Place hotel is under construction. The shell of a Hampton Inn sits one block to the west. Nearby, scaffolding heralds a Holiday Inn.

For years, New York City's hotel sector has been growing. But a sustained strengthening of the dollar and a weak global economy could curb tourism, which could ultimately make New York a less attractive market for developers and investors. Rising interest rates could also make hotel construction and renovation too expensive.

More immediately, analysts and industry specialists are scrambling to explain abysmal January performance for the New York market. The average revenue for available room - the standard measure of hotel performance - fell sharply by 12.9 per cent, ac…

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