New York under the pressure of realtors

8 min reading time

Published on 10/10/06 - Updated on 17/03/22

Traumatized since 2001 by the consequences of September 11, New York's luxury hotel industry has been rising back out of the ashes for two years to achieve its best performance levels.Now, another danger lurks: owners are entering into arbitration under pressure from real estate investors who are pushing them to transform all or part of welllocated hotels into luxury apartments. Multi-use is becoming the rule and the condition for facilitating big openings while Boutique hotels are springing up like mushrooms.

New York recently honoured the fifth anniversary of the September 11 terrorist attacks. While the tragedy remains fresh in everyone’s mind, their disastrous effect has subsided. American growth is there. Confidence is back. And for New York’s hotels today’s situation is flourishing. Their...

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