Home Business Guides A Key Profit Center, How Will NYC Hotels Fare In 2017?

A Key Profit Center, How Will NYC Hotels Fare In 2017?

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It would be unfair to let any single industry stake sole claim as the backbone of New York City’s economy – in the city that never sleeps, everything from finance to healthcare and technology play key roles in making New York a global destination. Still, while it may share the limelight, tourism is undoubtedly one of the core economic forces in New York City. Hotels, central destinations like Time Square and Broadway, and even many of the cultural sites and restaurants depend on tourism for their survival.

With concerns about the implications of the now suspended travel bans and general global hostility towards a Trump presidency, can New York’s hotels continue to lead in 2017?

Though tourism may decline broadly, current indicators suggest that in New York the sector is resilient enough, and domestically dominant enough, to rack up continued successes.

More Rooms For Less Money

Though the American dollar is currently strong, making it expensive for tourists from other countries to come to New York, one factor that’s improving prospects is the increase in hotel rooms. With more hotels opening up in the city – over 8,500 new rooms are slated to open in 2017 – the hotel stay itself is actually becoming less expensive.

This may not seem like that many rooms in a city as large as New York, but it’s actually among some of the highest hotel growth rates in the nation. And this growth will likely hold for more than 2017 – the hotel industry sought 31 percent more building permits in 2016 over 2015, and depending on construction and opening times, many of these permits won’t be completed until 2018 or beyond.

Something For Everyone

Not only are there more hotel rooms available in today’s New York, but there’s also a greater diversity of hotel types available. This means wealthy tourists can go all out and experience old school grandeur by booking a night at The Plaza Hotel or the Four Seasons New York, or scale down several hundred dollars and stay at the W New York or Hudson Hotel.

For those seeking a less traditional hotel experience in New York or looking for the budget-friendly option, there are still unique experiences available. The Yotel – which one writer described as “a giant vending machine” – may just be the future of hospitality, especially discount hospitality. The hotel is staffed by kiosks and robots and features small, orderly rooms where you can transform the sofa into a bed with just a click. It’s a strange experience, but relatively inexpensive to operate and well reviewed.

Profiting Off Anticipation

The aforementioned new rooms that are keeping hotel stays affordable for international travelers are also a boon to the city because some are opening in highly anticipated hotels. Featured on the list of recent or current construction projects are Hard Rock Hotel New York City, Renaissance Manhattan Chelsea, and The Bryant. The fact is that there are dedicated travelers and luxury seekers who will come to the city for top hotel and restaurant experiences and little else, and these new hotels will be a draw for those travelers.

The New York City hotel and tourism industry has been growing for over a decade and it doesn’t appear to be slowing down anytime soon. As a global destination, there will always be something drawing people here, and the hotel industry will be sure there are plenty of rooms available.

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