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New hotel building boom in Lower Manhattan
With a high 85% hotel occupancy rates in Manhattan, twenty new hotels are in the planning stages for Lower Manhattan, where real estate is available and are more affordable than in Midtown.
These hotels, which will be located below 14th Street will be smaller than those in midtown, under 200 rooms and fall in the limited service midprice or upscale boutique categories with prices between $125-$250 per night.
While there are a dozen tourist sites in Lower Manhattan to attract price sensitive tourists, due to proximity to the financial district, business travelers will represent the primary demand for the new hotels.
The Hampton Inn Manhattan-Seaport/Financial District, is scheduled to open at the end of March, with 63-rooms. The Blue Moon rates start at $225 a night, where the rooms can sleep up to four people. Hilton Garden Inn, will open a 150-room hotel in TriBeCa this fall. Best Western and Comfort Inn also plan to each add a new hotel.
BD Hotels, will open this summer the TriBeCa and SoHo hotels in Lower Manhattan. The TriBeCa, partially owned by Robert De Niro, is a 90-room upscale hotel. The other is a 136-room hotel on East Third Street.
An extra 2,500 rooms will be added to the 4,400 existing room in about 28 hotels, if all announced building plans come to fruition.
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