Exciting New Hotel Properties Entice Visitors to Take a Snooze in the City that Never Sleeps

New York, NY (August 30, 2006) – New York City’s hotel market is as exciting and diverse as the city itself. In fact, new offerings from the city’s hotel community reflects the individuality, style and charm of the Big Apple with 35 properties slated for construction or renovation, adding 5,000 new and renovated rooms to the current inventory of 71,309 through 2008.

Of the new and renovated properties, nearly half will be in neighborhoods and boroughs outside of Midtown Manhattan – showing the strength and appeal of the city’s tourism product. Development patterns show the strength of downtown Manhattan, Brooklyn and Queens as visitor destinations with 35 properties slated for construction or renovation through 2008.

Some of the new and upcoming hotels located outside of midtown include offerings from celebrity hoteliers Andre Balazs (The Standard), Ian Schraeger (Gramercy Park Hotel) and Jason Pomeranc (6 Columbus Circle and Allen Street) as well as mid-priced trusted brands Hampton Inn Manhattan / Seaport-Financial District, Courtyard by Marriott New York Upper East Side, The Loft Hotel Tribeca and Wingate Inn La Guardia.

“Hoteliers are developing properties that represent exciting new trends in New York City’s hotel product such as chic budget, sophisticated boutique, and comfortable value-priced hotels,” said Cristyne Nicholas, President & CEO of NYC & Company. “This significant investment in the tourism product will keep New York’s hospitality industry an important engine for New York’s economy in the years to come.”

New York City tourism is a $21 billion industry which generates $5.4 billion in city, state and federal tax revenues, further supporting essential services including the police and fire departments, public education, sanitation services and transportation infrastructure. Visitor spending supports nearly 330,000 jobs in all five boroughs. Millions of visitors each year enjoy live theater on Broadway, an industry that contributes $4.3 billion to the New York economy.