New York hotel glut leading to slowdown in room-rate hikes

Los Angeles

THE city that never sleeps may have too many hotel rooms.

A surge in New York hotel construction, leading to a 21 per cent increase in the city's room count in the past five years, is tamping down nightly rates. While good for travellers trying to contain costs, that's limiting room-revenue growth in the area for companies including Hilton Worldwide Holdings Inc and Hyatt Hotels Corp, executives said.