The unexpected fast recovery in the Manhattan hotel market has spurred developers
such as Sam Chang and Hidrock Realty to dust off once-stalled projects or start new
ones as room rates and occupancy levels have grown over the last year.
“We are seeing renewed interest in projects that have been stalled,” hotel consultant
John Fox, a senior vice president at Colliers PKF Consulting, said. “Despite significant
additions to the supply of rooms over the past few years, occupancies are at levels
approximating those before the declines that started in September 2008.”