Although it is still difficult to secure financing, at least 15 hotels have opened in New York City in 2011. Many of them are outside Manhattan. Marriott opened a 666 room hotel in 1998 near Brooklyn Bridge and was the first hotelier to venture away from Manhattan. Hotel Vetiver, Wyndham garden Hotel and Four Points Sheraton Hotel opened recently in Long Island City in Queens, just one subway stop from Manhattan. Fairfield Inn and Suites is scheduled to open this summer in Long Island City. Smaller mid-market properties are more profitable in outer boroughs. It is easier to build these types of smaller hotels because the return on investment is much quicker.
The room rates are typically lower by as much as $50 to $60 in Brooklyn or Queens. And the room rates in general are still 18 percent below where they were in 2007 during the boom years.
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Reference: Stellin, Susan, Stylish Hotels Sprouting in Brooklyn and Queens, New York Times, 4/24/2012
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