The impact of Hurricane Sandy on the New York Metropolitan area is extensive -- affecting people and businesses throughout the region. The hospitality industry is no exception. Anecdotal evidence indicates that as many as 100 hotels in Manhattan were temporarily closed as a result of the storm, with others reporting varying degrees of damage. Properties throughout the region have been affected, primarily due to the enormity of the power outages. As communication improves, we will no doubt learn of hotels that have suffered significant, and potentially permanent damage - particularly those located in the most hard hit areas.
As is the case in all natural disasters, hotels closing or losing power are only part of the story. More hotels are actually open and operating, and for these properties the recovery from Hurricane Sandy presents an opportunity to do what our industry does best - be hospitable.
The New York office of HVS is open and operating. We are ready to consult with owners, operators, lenders and investors as you work through the aftermath of this event or any other consulting and valuation project. Let us know if we can be of assistance.
Stephen Rushmore, Jr. , MAI President and CEO