In 2007, ten new hotels entered the Manhattan market, adding 1,394 rooms to the market’s inventory. Boutique properties represent 80% of the new supply and range from mid-scale to luxury in terms of facilities, amenities, and service. Included in the new supply is the Hotel Mela (former King Edward Hotel), an upscale boutique property managed by Desires Hotels, a division of Tecton Hospitality. The property features roundly 2,000 square feet of meeting space, a restaurant and bar, a fitness center, and flat-screen televisions in all rooms. The Six Columbus was purchased in late 1999 as the former West Park Hotel and redeveloped and expanded as an upscale boutique hotel by Thompson Hotels. Steven Sclaroff is the property's designer. The hotel is located near the Time Warner Center, southwest of Columbus Circle, and features a Blue Ribbon sushi restaurant and bar. McSam Hotel Group and Magna Hospitality converted a former office building on the southeast corner of East 35th Street and Fifth Avenue into a limited-service boutique hotel known as the Hotel 373 Fifth Avenue.

The following table lists the new lodging facilities that opened in Manhattan between 2000 and 2007, as well as hotels that reopened during that period. Roundly 40% of the new supply that entered the market in 2007 is located in the Midtown West area, while the remaining is in SoHo/Lower Manhattan, in Downtown, on the Upper West Side (Empire Hotel), and in Midtown East.

Name of Hotel	Location	Type	No. of Rooms	Opening Date	Developer/Owner
Upper East Side
Courtyard by Marriott	92nd Street and First Avenue	Mid-scale	226	Aug 2006	Madison Equities, LLC
	The property is part of a mixed-use development that includes ±40,000 square feet of meeting space. The developer also built a 196-unit residential building on the adjacent site. The two buildings share an exercise facility, a sauna, and a restaurant.
Upper West Side
The Empire Hotel	44 West 63rd Street	Boutique	413	Oct 2007	West 63 Empire Associates, LLC
	In December 2003, the Empire Hotel, located on West 63rd Street, closed; this property was to be converted to luxury residential use. However, as a result of improved market conditions in Manhattan, the property was recently renovated and reopened as a boutique hotel in October 2007.
Midtown West
Herald Hotel	34th St. & Broadway, SE corner	Extended-Stay	60	Jan 2000	JEMB Realty
Red Roof Inn	6 West 32nd Street	Economy	171	Jun 2000	Apple Core Hotels
Hilton Times Square	42nd St. (between 7th & 8th Aves.)	Upscale	443	Jun 2000	Forest City Ratner
Sofitel	44th St. (between 5th & 6th Aves.)	Upscale	398	Jul 2000	Accor
The Muse	130 West 46th Street	Boutique	200	Aug 2000	Cornerstone
Hudson Hotel	57th St. (between 8th & 9th Aves.)	Mid-scale	810	Nov 2000	Morgans Hotel Group
Bryant Park Hotel	40th St. (between 5th & 6th Aves.)	Boutique	128	Feb 2001	Pilevsky & McNally
The Chambers Hotel	56th St. (between 5th & 6th Aves.)	Boutique	77	Feb 2001	Ira Drukier and Richard Born
Comfort Inn	442 W. 36th (between 9th & 10th Aves.)	Economy	56	Jun 2001	Heena Hotel, LLC
W Times Square	47th St. & Broadway (SW corner)	Boutique	509	Dec 2001	Intell Real Estate/Starwood
Best Western	522-24 W. 38th St. (bet. 10th & 11th Aves.)	Economy	83	Jan 2002	Unigroup Hotel, LLC
City Club Hotel	55 West 44th Street	Boutique	65	Jan 2002	Metropolitan Hotels, LLC
Ritz-Carlton	50 Central Park South	Luxury	277	May 2002	Millennium Partners
Hotel 41	216 West 41st Street	Boutique	47	Aug 2002	Private Investment Group
Westin Times Square	270 43rd St. & 8th Avenue	Upscale	863	Oct 2002	Tishman Urban Development Corporation
La Quinta Inn Manhattan	17 West 32nd Street	Economy	182	May 2003	Apple Core Hotels
Hampton Inn Chelsea	W. 24th Street  (between 6th & 7th Ave.)	Mid-scale	144	Aug 2003	Hersha Hospitality
	Hersha Hospitality is also involved with the 136-room Hampton Inn Herald Square and the 65-room Hampton Inn Seaport.
Mandarin Oriental	10 Columbus Circle	Luxury	248	Nov 2003	Related Co./Mandarin Oriental Hotels
	In July 1998, the Metropolitan Transit Authority, former owner of the New York Coliseum, approved the sale of that site for $345,000,000. In the summer of 1999, Related Companies and Time Warner began demolition of the Coliseum exhibition hall and an adjacent office tower to make way for a ±2,100,000-square-foot complex that now houses the world headquarters of Time Warner. This project also includes a Mandarin Oriental hotel; the property's facilities consist of 248 guestrooms, roundly 9,610 square feet of meeting space, a restaurant, a lobby lounge, a bar, and a ±14,500-square-foot health spa. The hotel component opened in November 2003; the construction of the entire complex was completed in mid-2004.
Blakely New York	136 W. 55th Street	Mid-scale	115	Jun 2004	Richard Born & Ira Drukier
	The former Gorham Hotel reopened as the Blakely New York in June 2004, following a renovation. The hotel is operated by BD Hotels.
Dream Hotel	210 West 55th Street	Boutique	220	Oct 2004	Surrey Hotel Associates
	The former Majestic hotel reopened as the Dream hotel following an extensive renovation. The hotel is managed by Hampshire Hotels.
Hotel QT	W. 45th Street (between 6th & 7th Aves.)	Boutique	140	Jan 2005	Andre Balazs Properties
Hampton Inn Herald Square	W. 31st Street  (between 6th & 7th Aves.)	Mid-scale	136	Feb 2005	Hersha Hospitality
	Hersha Hospitality is also involved with the 144-room Hampton Inn Chelsea and the 65-room Hampton Inn Seaport.
Hampton Inn Times Square	851 8th Avenue at 51st Street	Mid-scale	300	Aug 2005	Carlyle Group/Highgate Hotels
	Formerly, the hotel was affiliated with the Howard Johnson brand.
Holiday Inn Express Fifth Ave.	15 West 45th Street (between 5th & 6th Aves.)	Mid-scale	125	Sep 2005	JFK Airport SAI Hospitality
	The hotel is operated by Magna Hospitality Group, LC.
Hilton Garden Inn Times Square	790 Eighth Avenue (between 48th & 49th Sts.)	Mid-scale	369	Nov 2005	Carlyle Group/Highgate Hotels
	Formerly, the hotel was affiliated with the Days Inn brand.
Residence Inn Times Square	1033 Ave. of the Americas	Extended-Stay	357	Dec 2005	G. Holdings
	Built by Harry Gross, developer of the Courtyard Times Square, this hotel represents the first flagged extended-stay product in Manhattan.
The Night	132 West 45th Street	Boutique	70	Apr 2006	Hampshire Hotels & Resorts
Rockefeller Center Hotel	25 West 51st Street	Boutique	80	May 2006	Club Quarters Corporate
	The Rockefeller Center Hotel is the first hotel in Rockefeller Center. Located at the top of Rockefeller Plaza, many guestrooms face the ice-skating rink, Radio City Music Hall, and St. Patrick's Cathedral. The hotel features a restaurant, a bar and lounge, a fitness center, a business center, and 24-hour concierge service.
Wingate Inn	235 West 35th Street	Mid-scale	92	Sep 2006	Ocean King, LLC
	Represents the first Wingate Inn in Manhattan.
Holiday Inn Express Chelsea	232 West 29th Street	Mid-scale	228	Nov 2006	McSam Hotel Group
Howard Johnson Express Inn	449 West 36th Street	Economy	40	Dec 2006	The Lam's Group
Hotel Mela	120 West 44th Street	Boutique	230	Jan 2007	O&O Properties
Hilton Garden Inn Chelsea	119 West 28th Street	Mid-scale	169	Oct 2007	McSam Hotel Group
Six Columbus	6 Columbus Circle	Boutique	88	Oct 2007	Pomeranc Group
Comfort Inn Times Square	305 West 39th Street	Mid-scale	78	Nov 2007	McSam Hotel Group
Midtown East
Thirty Thirty	East 29th St. (bet. Park & Lexington Aves.)	Mid-scale	251	Jul-00	PMG
	This hotel underwent an extensive renovation in 2006/07, including all guestrooms and public space, in connection with the conversion of the property to a boutique hotel.
Library Hotel	299 Madison Ave. at 41st St.	Boutique	60	Aug 2000	Henry Kallan
Dylan Hotel	52 East 41st Street	Boutique	107	Oct 2000	Morris Moinian/Allied Hospitality
Park South Hotel	122 East 28th Street	Boutique	143	Sep 2001	Atlantic Stars
Le Marquis	12 East 31st Street	Boutique	123	Sep 2001	Le Marquis Associates
The San Carlos - Reopened	150 East 50th Street	Boutique	147	May 2003	San Carlos Hotel, Inc.
The Alex	205 East 45th Street (bet. 2nd and 3rd Aves.)	Boutique	203	Sep 2003	Izak Senbahar/Simon Elias
	Developer Izak Senbahar and hotelier Simon Elias developed "The Alex," a 31-story tower between Second and Third Avenues. The Alex includes a 73-room, high-end boutique hotel on the lower ten stories, plus 130 furnished apartments available for a minimum stay of one month. In addition, the hotel offers an upscale restaurant, Riingo.
70 Park Avenue Hotel	70 Park Avenue	Boutique	205	Jul 2004	Kimpton Hotels
	The 88-room Doral Park Avenue closed in November 2003 to undergo a $19-million renovation and expansion program, including the addition of 17 guestrooms. The property reopened in mid-July 2004 as the 70 Park Avenue Hotel, a 205-room, upscale, boutique hotel affiliated with Kimpton Hotels.
Hotel 373 Fifth Avenue	373 Fifth Avenue	Boutique	70	Feb 2007	Magna Hospitality Group LC
	McSam Hotel, LLC and Magna Hospitality converted a former office building on the southeastern corner of East 35th Street and Fifth Avenue into a limited-service boutique hotel, known as the Hotel 373 Fifth Avenue.
SoHo/Lower Manhattan
Tribeca Grand	6th & White Streets	Boutique	203	May 2000	Hartz Mountain Industries
W Hotel	Union Square, Park Ave. So. & 15th St.	Boutique	270	Nov 2000	Starwood/Related Cos.
60 Thompson St.	60 Thompson Street	Boutique	101	Feb 2001	Thompson Hotels/Pomeranc Group, LLC
Howard Johnson	135 East Houston	Economy	46	Dec 2001	Metro One Hotel, LLC
Maritime Hotel	Ninth Ave (between 16th and 17th Sts.)	Boutique	125	Jun 2003	Private Developers
	The 12-story building was reportedly purchased for $19 million in 2001 by Sean MacPherson and Eric Goode, best known as developers of restaurants and clubs. They were joined by Mr. Born and his partner, Ira Drukier, who are hotel developers and investors.The property has been extensively renovated and is marketed as an upscale boutique hotel; total cost of the project amounts to roundly $33 million.
Hotel Gansevoort	Ninth Ave and 13th Street	Boutique	187	Mar 2004	WSA Management, Ltd
Clarion Solita Soho	159 Grand Street	Boutique	42	Aug 2004	SoHo Grand Center, LLC
	This lodging facility is part of the Clarion Collection.
Hotel on Rivington	107 Rivington Street	Boutique	110	Oct 2004	Paul Stallings
	According to the developer, Paul Stallings, the cost of constructing the property amounted to $30 million.
Blue Moon Hotel	100 Orchard Street	Boutique	22	Feb 2006	Randy Settenbrino
	The Blue Moon Hotel is the city's only kosher hotel and is located across from the Tenement Museum. The interior design reflects the Old World charm of late-19th century Orchard Street.
Gramercy Park Hotel	2 Lexington Avenue	Boutique	185	Sep 2006	Ian Schrager Company
	Ian Schrager closed the 357-unit Gramercy Park Hotel in February 2005 for an extensive renovation. Following the completion of the renovation, the hotel reopened as a 185-unit luxury boutique lodging facility. The property is connected to a tower, 50 Gramercy Park North, housing 23 residential units, and features a 190-seat restaurant, Wakiya, operated by the team from Nobu, a private roof club and garden, meeting space, and two bars.
The Bowery Hotel	335 Bowery	Boutique	135	Feb 2007	Eric Goode & Sean MacPherson
Hotel East Houston	151 East Houston Street	Boutique	40	Oct 2007
Duane Street Hotel	130 Duane Street	Boutique	45	Dec 2007	Hersha Group
Downtown
Ritz-Carlton Battery Park	2 West Street	Luxury	298	Jan 2002	Millennium Partners
Marriott Financial Center - Reopened	85 West Street	Upscale	504	Jan 2002	Host Marriott Corporation
Embassy Suites - Reopened	Battery Park City	Mid-scale	463	May 2002	Forest City Ratner
Millenium Hilton - Reopened	55 Church Street	Upscale	565	May 2003	CDL Hotels
Hampton Inn Seaport	320 Pearl Street	Mid-scale	65	Mar 2006	Hersha Hospitality Trust
	Hersha Hospitality is also involved with the 136-room Hampton Inn Herald Square and the 144-room Hampton Inn Chelsea
Gild Hall	15 Gold Street	Boutique	126	Dec 2007	Thompson Hotels/Pomeranc Group, LLC

As illustrated in the preceding table, the majority of the new supply in Manhattan since 2000 has been in the form of boutique properties. Overall, boutique hotels represent 34 of the 65 hotels, or 38% of the guestrooms that entered the market or reopened in Manhattan between 2000 and 2007. New boutique hotels range from mid-scale to luxury in terms of facilities, amenities, and service. It is noteworthy that only one boutique hotel opened in the Financial District. A further 4,556 boutique hotel rooms are expected to enter the Manhattan hotel market over the next four years. Fifteen new mid-scale hotels opened between 2000 and 2007, or 27% of the total new rooms. Another 4,890 mid-scale guestrooms are expected to enter the Manhattan market over the next four years.

The following table illustrates hotels that have closed in Manhattan in recent years.

Name of Hotel	Location	Type	No. of Rooms	Closing Date
Midtown West
The Helmsley Windsor Hotel	100 West 58th Street	Upscale	(240)	Nov 2003
	Conversion to residential use
InterContinental CPS	112 Central Park South	Luxury	(211)	Jun 2004
	Conversion to residential use
The Plaza	Fifth Avenue at Central Park South	Luxury	(805)	May-05
	In October 2004, Plaza Operating Partners, Ltd. sold the 805-room Plaza to Elad Properties for a reported total consideration of $675,000,000, or approximately $838,500 per room. The Plaza is being converted into a mixed-use development containing ±181 luxury condominium units, ±108,000 square feet of high-end retail space, three food and beverage outlets, a 130-unit transient luxury hotel, and a 152-unit condominium hotel. The plans also called for the preservation of the Plaza's Palm Court, Oak Bar, and Ball Room. The hotel operation will also contain ±2,500 square feet of meeting space. A soft opening of The Plaza hotel occurred on March 1, 2008.
Wyndham	42 West 58th Street	Mid-scale	(209)	Jul 2005
	Conversion to extended-stay studio apartments
Royalton	44 West 44th Street	Boutique	(169)	Jun 2007
	The Morgans Hotel Group temporarily closed the Royalton for a major renovation that encompassed all guestrooms and the conversion of a number of units into three penthouses. The renovation also addressed the redesign of the hotel's public areas, including the entrance, the lobby, hallways, bars, and restaurant. The cost of the renovation has not been published. The hotel reopened in October 2007.
Midtown East
Sheraton Russell	45 Park Avenue	Upscale	(146)	Dec 2005
	Conversion to residential use
Swissotel The Drake	Park Avenue & 56th Street	Upscale	(495)	Mar 2006
	The property reportedly will be demolished to make way for a new 70-story, mixed-use residential condominium.
St. Regis	2 East 55th Street	Upscale	(78)	Jan 2006
	This hotel converted 59 units to residential use as of January 1, 2005, and a further 19 units in March 2006. The property was originally built in 1904 by John Jacob Astor and was declared a landmark in 1988.
Upper West Side
Empire Hotel	44 West 63rd Street	Mid-scale	(381)	Dec 2003
	In December 2003, the Empire Hotel, located on West 63rd Street, closed; this property was to be converted to luxury residential use. However, as a result of improved market conditions in Manhattan, the property was recently renovated and reopened as a boutique hotel in October 2007.
Mayflower	15 Central Park West	Mid-scale	(365)	Oct 2004
	In August 2004, the 18-story, 365-unit Mayflower on the Park, located at 15 Central Park West at West 61st Street, and an adjacent lot, were acquired by a partnership (consisting of William Lie Zeckendorf and his brother Arthur W. Zeckendorf; the Whitehall Fund, a proprietary investment fund managed by Goldman Sachs & Co.; and Caryle M.G. Limited) for a reported total consideration of $401 million. Subsequent to the acquisition, the property was closed, and the new owners plan to convert the hotel and develop the adjacent parcel into cooperative units.
Upper East Side
Hotel Delmonico	Park Ave. and 59th Street	All-Suite	(152)	Apr 2002
	Conversion to residential use
Stanhope Park Hyatt	995 Fifth Avenue	Luxury	(185)	Feb 2005
	Conversion to residential use
The Melrose Hotel	140 East 63rd Street	Boutique	(306)	Jun 2005
	Conversion to residential use
The Mark	25 East 77th Street	Luxury	(176)	Dec 2006
	Partial conversion to residential use
The Pierre	2 East 61st Street	Luxury	(200)	Jan 2008
	Hotel rooms are currently under renovation, but banquet and meeting rooms are available for use.
Downtown
Regent Wall Street	55 Wall Street	Luxury	(144)	Feb 2004
	Conversion to residential use
		Total	(4,262)
		Excluding Empire Hotel	(3,881)

Sixteen hotels closed for full or partial condominium conversions from April 2002 through January 2008, accounting for a total of 4,262 guestrooms, or roundly 6.6% of the 2007 room inventory. These conversions reflect the strength of the Manhattan condominium market. We note that the condominium conversions were primarily limited to upscale residential neighborhoods, mainly around Central Park, where land and buildings are in short supply and condominium prices are high. These properties were all upscale or luxury in nature. Given the limited number of upscale/luxury lodging facilities available for condominium conversion, as well as the strong performance of the Manhattan lodging market, fewer conversions should occur in the next few years. The Empire Hotel, which was closed in December 2003, was originally acquired for conversion to residential use. However, because of the current strength of the Manhattan lodging market, the owners reopened the property in October 2007 as an upscale boutique hotel following a ±$30-million renovation. Additionally, the Mark was originally planned to be converted into co-op units. However, following the renovation and redevelopment of the property, it will contain 118 guestrooms, 36 hotel co-op units, and 6 co-op units. Hotel co-op units may be entered into a rental program upon the desire of the unit owner. The property’s meeting space will be converted to guestrooms, resulting in an increase in available guestroom units. The property will also contain an on-site spa/salon to be leased to Frederic Fekkai, a renowned New York spa/salon operator. The hotel’s restaurant will be reconfigured as an extension to St. Ambroeus, a leased patisserie/restaurant on the ground floor of the four-story residential building. The combined space will also contain a private dining room. The Mark’s reopening is scheduled for July 2008.

In 2004, the Regent Wall Street, the InterContinental Central Park South, and the Mayflower closed in February, June, and October, respectively; these properties converted to luxury condominiums.

Four properties closed in 2005 for either complete or partial conversion to residential use: the 185-room Stanhope Park Hyatt in February, the 805-room Plaza in May, the 306-room Melrose in June, and the 146-room Sheraton Russell in December. A fifth property, the 209-room Wyndham Hotel on West 58th Street, closed in July 2005 for possible conversion to extended-stay studio apartments. Elad Properties acquired the 805-room Plaza in October 2004, and the property is being converted into a mixed-use development containing ±181 luxury residential units, ±108,000 square feet of high-end retail space, three food and beverage outlets, a 130-unit transient luxury hotel, and a 152-unit condominium hotel. The plans also called for the preservation of the Plaza’s Palm Court, Oak Bar, and Ball Room. A soft opening of The Plaza hotel occurred on March 1, 2008.

Two hotels closed in 2006: the 495-room Swissôtel The Drake in March and the 176-room Mark in December. In addition, the St. Regis converted a total of 78 units to residential use. The Swissôtel The Drake, at 56th Street and Park Avenue, was sold in April 2006. The property reportedly will be demolished to make way for a new 70-story, mixed-use residential condominium.

Furthermore, the Royalton hotel closed from June 10 through October 2007 for a comprehensive renovation and redesign. The Pierre began the second phase of its renovation on January 1, 2008. All 200 guest accommodations, including the 11 Grand Suites with apartment-like quarters and private terraces, 41 suites, and all guestrooms will be upgraded and renovated, as will the corridors, public areas, Café Pierre, and the bar. The estimated overall cost associated with the renovation program is $100 million. The first phase of the Pierre renovation was completed in January 2007 and included the Grand Ballroom, Cotillion Room, and foyer. All banquet spaces on the second floor will remain open throughout the second phase of the renovation and will remain accessible by a private entrance on 61st Street. Although banquet business will continue, the hotel ceased taking guest reservations on December 30, 2007, and the guestrooms and restaurant closed as of noon the next day. The Pierre will fully reopen in early 2009 and will begin taking reservations for the newly renovated accommodations in late 2008.

PROPOSED HOTELS

Improved market conditions during the past three years have generated considerable interest in new hotel development in Manhattan. For the most part, this development has been curtailed by the lack of available financing for new hotel construction and the strength of the office and residential markets; however, a number of hotels have opened recently, and more are expected to enter the market in the near future.

Although it is entirely possible that some of these hotels will fail to open, it is equally possible that less likely projects will proceed, or that new projects will be announced. The following table sets forth the number of new rooms that are anticipated to become available from 2008 through 2011.

Project	Location	Type	No. of Rooms	Anticipated Opening	Developer	Under Construction
Upper East Side
The Mark	25 East 77th Street	Luxury	118	Jul 2008	Izak Senbahar & Simon Elias	Yes
	The Mark will be converted into 51 co-op units and 100 guestrooms and suites.
Upper West Side
aloft	2296-2308 Frederick Douglass Boulevard	Boutique	116	Jun 2010	Capital Dreams LLC	Yes
Dream Hotel	5-15 West 25th Street	Full-Service	252	2010	125 Properties Interests, LLC	Yes
Midtown West
Plaza Hotel	5th Avenue at Central Park South	Luxury	260	Mar 2008	Elad Properties	Yes
	The Plaza is undergoing conversion to a mixed-use development containing ±181 luxury condominium units, ±108,000 square feet of high-end retail space, three food and beverage outlets, a 130-unit transient luxury hotel, and a 152-unit condominium hotel. The hotel operation will also contain ±2,500 square feet of meeting space. A soft opening of The Plaza hotel occurred on March 1, 2008.
Ramada Inn	416 Broadway	Mid-scale	80	Spring 2008	King Fook Realty Corp.	Yes
Holiday Inn	121-25 West 26th Street	Full-service	226	May 2008	McSam Hotel Group	Yes
Wyndham Garden Inn	37-39 West 24th Street	Mid-scale	124	Jul 2008	McSam Hotel Group	Yes
DoubleTree Chelsea	124 West 29th Street	Mid-scale	241	Jul 2008	McSam Hotel Group	Yes
Wyndham Garden Inn	341-343 West 36th Street	Mid-scale	228	Aug 2008	West 36 Hotel Ventures, LLC	Yes
The James	101 West 57th Street	Boutique	180	Early 2010	Stephen Shapiro & James Hotels	Yes
Fairfield Inn Chelsea	114-116 West 28th Street	Mid-scale	112	May 2009	The Lam Group	Yes
Fairfield Inn Times Square	330 West 40th Street (b/w 8th and 9th Ave.)	Mid-scale	244	Aug 2008	The Lam Group	Yes
	Located adjacent to the 248-room Four Points on West 40th Street. The hotel will feature a rooftop lounge and bar, which will be shared with the Four Points by Sheraton.
Four Points Times Square	326 West 40th Street (between 8th and 9th Ave.)	Mid-scale	248	Aug 2008	The Lam Group	Yes
	Located adjacent to the 244-room Fairfield Inn Times Square on West 40th Street. The hotel will feature a rooftop lounge and bar, which will be shared with the Fairfield Inn.
Candlewood Suites	339 West 39th Street	Mid-scale	183	Oct 2008	McSam Hotel Group	Yes
Holiday Inn Express	343 West 39th Street	Mid-scale	210	Oct 2008	McSam Hotel Group	Yes
Hampton Inn	337 West 39th Street	Mid-scale	186	Jun 2008	McSam Hotel Group	Yes
Lamb's Club Hotel	44th Street (b/w 6th and 7th Avenue)	Luxury	99	Aug 2008	Hampshire Hotels & Resorts	Yes
	In addition to guestrooms, the Lamb's Club Hotel will contain 6,000 square feet of meeting space as well as an upscale restaurant from Lotus Partners, a business center, and a health club.
Hampton Inn	61 West 35th Street	Mid-scale	150	Late 2008	McSam Hotel Group	Yes
Greenhouse 26	132 West 26th Street	Boutique	28	Early 2009	Jack Ancona/Flatiron Real Estate Advisors LLC	No
	The developer will apply for "Leadership in Energy and Environmental Design Gold Status." The 28-room hotel will be the first hotel in New York City to utilize a geothermal heating and cooling system. The 19-story hotel will contain two rooms per level on Floors 2 through 13, with one 325-square-foot unit per floor on the top four floors.
Staybridge Suites	334 West 40th Street	Extended-stay	310	Apr 2009	Mehta Family, LLC	Yes
Upscale Extended-Stay	311 West 39th Street	Extended-stay	411	Dec 2009	McSam Hotel Group	Yes
Hilton Garden Inn	63-67 West 35th Street	Mid-scale	296	Early 2009	Brack Capital Real Estate	Yes
Hyatt Place	52 West 36th Street	Mid-scale	220	Early 2009	McSam Hotel Group	Yes
Hotel Indigo	127 West 28th Street	Boutique	122	Jan 2010	Fortuna Realty Group	Yes
	Property owner Morris Moinian and his Fortuna Realty Group are constructing the first Indigo-branded hotel in Manhattan. The 20-story structure is expected to cost roundly $50 million and will be a mid-scale boutique hotel.
Fairfield Inn	21-23 West 37th Street	Mid-scale	92	Mar 2009	The Lam Group	Yes
The Strand Hotel	33 West 37th Street	Unknown	Unknown	Unknown	The Lam Group	Yes
Clarion	342-344 West 40th Street	Mid-scale	155	Apr 2009	Greenway Realty Holdings	Yes
Cassa Hotel & Residences	45th Street bet. Fifth and Sixth Avenues	Boutique	166	Late 2009	Tecton Hospitality/Desires Hotels	No
The Vu Hotel	653 West 11th Avenue	Boutique	222	Spring 2009	Horizen Global	Yes
	In addition to guestrooms, the Vu will contain an 1,800-square-foot, glass-enclosed bar providing 360-degree views and a swimming pool and whirlpool. This lodging facility will be managed by Kimpton Hotels.
Boutique Hotel	839 Avenue of the Americas	Boutique	290	Fall 2009	J.D. Carlisle Development Corp.	Yes
	J. D. Carlisle Development Corporation is erecting a 50-story mixed-use tower on 839 Avenue of the Americas, between 29th and 30th Streets. The project will be operated by Kimpton Hotels. China Grill Management will manage the restaurant and bars.
The Lexington Plaza	West 31st Street  (Chelsea)	Mid-scale	124	Jan 2010	Vantage Hospitality Group, Inc.	Yes
Zuri Hotel	23rd Street (b/w 5th & 6th Avenues)	Boutique	178	Jan 2010	Horizen Global	No
Holiday Inn Express	43rd Street (West of Tenth Avenue)	Mid-scale	203	Jun 2010	McSam Hotel Group	No
Comfort Inn	44th Street (West of Tenth Avenue)	Mid-scale	151	Jun 2010	McSam Hotel Group	No
	Located adjacent to the 203-room Holiday Inn Express. These two hotels will be built atop the Amtrak platform.
Luxury Boutique Hotel	16-18 West 57th Street	Boutique	120	Jan 2010	Ilan Bracha	No
	In addition to guestrooms, the hotel will feature roundly 25,000 square feet of retail space on the bottom three floors as well as an 8,000-square-foot spa. Frank Williams will be the project's architect.
Wyndham	152-158 West 26th Street	Full-service	280	May 2010	Flintlock Construction Services, LLC	No
The "1" Hotel & Residences	14-20 West 40th Street	Boutique	Unknown	Mid 2010	40th Street Development, LLC	No
	The "1" Hotel and Residences on Bryant Park will be a newly built, 31-story luxury tower on the south side of 40th Street, between 5th and 6th Avenues, overlooking Bryant Park and the New York Public Library. The property is currently home to a surface level parking lot. The building will be designed by architect Morris Adjmi and will feature ±100,000 square feet of hotel and ±86,000 square feet of residential condominiums. The building design was recently approved by the New York City Landmarks Preservation Commission, and 40th Street Development, LLC is currently working with city agencies and local officials on additional city approvals. Starwood Capital/"1" Hotels and 40th Street Development, LLC, an Ascent Real Estate Advisors entity, have signed a letter of intent on the project and are nearing completion of definitive documents.
Orient-Express Hotel	24 West 53rd Street	Luxury	150	Mid 2011	Orient-Express Hotels	No
	Orient-Express Hotels Ltd. (OEH) has signed an agreement to acquire the land and building of the Donnell branch of the New York Public Library at 24 West 53rd Street. OEH will build a 150-room luxury hotel, including a rebuilt state-of-the-art Donnell Library location within it. The hotel will house contemporary dining, spa, and wellness facilities as well as expanded banqueting and dining space for the existing '21 Club' restaurant. The property will be marketed under a new ‘21’ Hotel brand name. OEH will pay the Library $59 million in cash, in addition to the value of the library space, which will occupy three levels, including the ground floor of the ‘21’ Hotel. The project is estimated at $220 million, inclusive of the purchase of the library. The library will close to the public in fall 2008, and the rebuilding is slated for completion in no more than 3.5 years.
Midtown East
Howard Johnson	203 East 24th Street	Economy	100	Summer 2008	East Side Inn, LLC	Yes
Gansevoort Park	420 Park Avenue South	Boutique	249	May 2009	Tawil Group & Achenbaum/Kislin Group	Yes
Luxury Boutique Hotel	11 East 31st Street	Boutique	200	Mid 2009	Simon Development Group/KSNY/Apollo RE Advisors	No
	Simon Development Group is currently building a ground-up, 36-story, 200-room luxury boutique hotel. The hotel will feature a dual-level restaurant, a lobby bar and lounge, a rooftop bar, a spa and fitness center, and a large garden. The interior designer of the project is Vincente Wolf; architecture is by Gene Kaufman.
Andaz by Hyatt	485 Fifth Avenue (b/w 41st & 42nd Streets)	Luxury	167	Late 2009	Hyatt Hotels & Resorts	Yes
Shangri-La Hotel	East 53rd Street (b/w Park & Lex. Avenues)	Luxury	206	Mid 2010	RFR Holding LLC	No
	Sangri-La will occupy a new 64-story tower adjacent to the landmark Seagram Building and plans to offer the largest guestrooms in Manhattan, featuring floor-to-ceiling glass windows with views of Park Avenue and Central Park. More than one third of the rooms will be suites, and nearly all rooms will be over 500 square feet. Deluxe rooms will be from 640 to 940 square feet, while suites will be at least 1,000 square feet. Sixty-six of the 206 guestrooms will be sold as condominium hotel units. Amenities will include a spa, and an 80-foot-long swimming pool and a sundeck with a retractable roof on the 9th floor. Other facilities will include a fitness center, a business center, 5,000 square feet of function space, and a signature retail shop. The hotel will also have a lobby lounge with a sidewalk café, a bar, and a restaurant with two private dining rooms.
Lower Manhattan
Four Points Soho	66 Charlton Street	Mid-scale	150	May 2008	The Lam Group	Yes
	The Four Points Soho will feature a full-service restaurant, a bar/lounge, a fitness center, limited meeting space, and two luxury suites with hardwood floors and views over the Hudson River.
The Greenwich Hotel	377 Greenwich Street (Tribeca)	Boutique	90	Mid 2008	Born & Drukier, Robert DeNiro	Yes
	Actor Robert De Niro partnered with hoteliers Ira Drukier and Richard Born to construct the Greenwich Hotel in Tribeca. The hotel is currently being built on a former parking lot at Greenwich and North Moore Streets, adjacent to the Tribeca Film Center.
Hilton Garden Inn	6 York Street	Mid-scale	150	Mid 2008	McSam Hotel Group	Yes
	The hotel will feature spacious guestrooms, meeting space, a business center, a swimming pool, a whirlpool, and an exercise room.
Hampton Inn	54 Watts Street	Mid-scale	158	Mid 2008	The Lam Group	Yes
The Standard	848 Washington Street (West 13th Street)	Boutique	344	Summer 2008	Hotels AB	Yes
	This lodging facility is being developed by Hotels AB (André Balazs) and will be the fourth Standard hotel in the U.S. The property will feature extensive food and beverage facilities, including a rooftop lounge, as well as meeting and event space.
Smyth TriBeCa	85 West Broadway	Boutique	100	Late 2008	Thompson Hotels/Pomeranc Group, LLC	Yes
Cooper Square Hotel	25 Cooper Square (Bowery)	Boutique	145	Late 2008	Peck Moss Hotel Group	Yes
Comfort Inn	61-63 Chrystie Street	Mid-scale	60	Late 2008	BTW Hotels, LLC	Yes
Best Western	231 Grand Street	Economy	102	Late 2008	BTW Hotels, LLC	Yes
Holiday Inn Express	124 Water Street	Mid-scale	112	Late 2008	McSam Hotel Group	Yes
Crosby Hotel	79-85 Crosby Street	Luxury	71	Early 2009	Firmdale Hotels London	Yes
250 Bowery Hotel	250 Bowery (b/w Houston & Prince Streets)	Boutique	63	Early 2009	Peter Moore Associates	Yes
	This green hotel will include sustainable technologies, such as a green roof, a geothermal system, and water-efficient plumbing fixtures. Demolition waste will be recycled, and the new construction materials will be sustainable and rapidly renewable. The hotel will feature a steel facade.
Trump Hotel & Tower SoHo	246 Spring Street	Luxury	413	Spring 2009	Sapir & Bayrock Group	Yes
Hotel Indigo Union Square	54 West 13th Street	Boutique	95	Early 2009	V3 Hotel Management	Yes
Wyndham	20 Maiden Lane	Mid-scale	115	Aug 2009	McSam Hotel Group	Yes
W New York – Downtown & Residences	123 Washington Street	Boutique	217	Sep 2009	Moinian Group	No
	The mixed-use property will consist of 222 condos and 217 guestrooms. Of the 222 condos, 55 will be studios, 125 will be 1 Br's, and 42 will be 2Br's. A total of 64 condos will come furnished. Designed by Gwathmey Siegel & Associates Architects, the hotel will offer meeting rooms, a spa, and a restaurant. The top floor will feature a garden for the residents. The W New York – Downtown Hotel & Residences will be the first W residential development in Manhattan. It will be the sixth W in New York City.
Club Quarters Hotel	130 Cedar Street	Full-service	200	Early 2009	Masterworks Development Company	Yes
	The hotel will be a semi-private hotel primarily for member use but occasionally available to the public.
Andaz by Hyatt	75 Wall Street	Boutique	250	Early 2009	Hakimian Group	Yes
	The 42-story building was built in 1986 and will be converted to a luxury hotel containing 250 guestrooms in the lower portion of the building and 350 luxury condominiums on the upper 24 floors. The building will be redesigned by David Rockwell. The lower floors will include meeting space, a restaurant located off Water Street, and a bar.
Sheraton	217 Pearl Street	Full-service	356	Early 2009	The Lam Group	Yes
aloft	8 Platt Street	Mid-scale	276	Early 2009	The Lam Group	Yes
The Dream Downtown	346 West 17th Street (Covenant House)	Boutique	316	Early 2009	Hampshire Hotels and Resorts	Yes
Mondrian	9 Crosby Street	Boutique	274	Mid 2009	Cape Advisors, Inc.	Yes
	Cape Advisors, Inc. is converting an existing building in Soho and adding 14 floors to the existing 12 levels. The property, which will feature a restaurant, two bars, a rooftop bar, and ±5,400 square feet of meeting space, will be managed by Morgans Hotel Group.
Grand Street Hotel	23 Grand Street	Boutique	117	Apr 2009	Brack Capital Real Estate	Yes
	The developer, Brack Capital Real Estate, is planning to build a 17-story rectangular glass tower on Grand Street. In addition to guestrooms, the hotel will feature a restaurant and bar, a lobby lounge, a rooftop bar, a business center, a fitness room, and a rooftop swimming pool.
Fairfield Inn	30 Fletcher Street	Mid-scale	184	Mid 2009	The Lam Group	Yes
Sheraton	370 Canal Street	Full-service	368	Sep 2009	McSam Hotel Group	Yes
DoubleTree	8 Stone Street	Full-service	410	Dec 2009	McSam Hotel Group	Yes
Holiday Inn	99 Washington Street	Economy	370	Late 2009	McSam Hotel Group	No
Wyndham	93 Bowery Street (Corner Hester Street)	Full-service	106	May 2009	Unknown	No
Wingate Inn	179 Varick Street	Mid-scale	123	Oct 2009	Hotel Development Group, LLC	No
Luxury Hotel	50 West Street	Boutique	160	2009	Time Equities	No
Thompson Lower East Side	Allen Street (bet. Houston and Stanton Streets)	Boutique	143	2009	Thompson Hotels/Pomeranc Group, LLC	Yes
	Plans call for a 22-story hotel with 80 rentable units, 9 residential units, and 32 hotel condominiums, as well as a spa and a pool.
Hyatt Place	33 Beekman Street	Mid-scale	315	Jul 2010	McSam Hotel Group	No
Viceroy Hotel	330 Hudson Street	Boutique	171	Early 2010	Tribeca Associates/Square Mile Capital	No
J Hotel	510 West 22nd Street	Boutique	200	Jul 2010	Jay-Z / SK Development Group	No
	A joint venture between Shawn “Jay-Z” Carter and SK Development Group is planning to build a 200-room J Hotel on a High Line development site in the gallery district, between Tenth and Eleventh Avenues. The hotel will be the flagship for Jay-Z's new hospitality brand, which he intends to extend to select cities following this New York debut.
Gold Hotel Plaza	4 Gold Street	Full-service	670	Mid 2010	The Lam Group	No
Luxury Hotel	99 Church Street	Luxury	150	Early 2011	Silverstein Properties	No
	This hotel will be located on a site just one block from the World Trade Center site. The property will be part of a ±60-story, mixed-use project containing ±300 condominium units. It will be designed by architect Robert A.M. Stern and developed by Silverstein Properties.
		Total	15,241

It is important to mention that even though the Manhattan lodging inventory declined in 2004, 2005, and 2006, supply is expected to grow significantly in the future. As illustrated in the preceding table, as many as 15,241 new rooms, or 79 properties, may enter the Manhattan market from 2008 through 2011. The proposed supply represents roundly 23.7% of the 2007 Manhattan room supply, increasing the number of guestrooms from 64,193 in 2007 to 79,434 as of 2011. These 15,241 rooms are far more than all the new supply, totaling 5,607 rooms, that opened between 1998 and 2007. We note that our list of new supply does not include confidential projects or hotels that are in the initial phase of development; if these projects are included, supply could be expected to grow close to 30% within the next four years. Based on the data outlined previously, Manhattan is forecast to experience a record increase in hotel room supply over the next few years, as can be observed in the following graph.

Of the anticipated new projects, 28 hotels, or 35% of the total new supply, represent mid-scale lodging facilities, while a similar proportion can be classified as boutique hotels. Only six new lodging facilities have been proposed for the luxury segment, not including the reopening of the significantly smaller Plaza Hotel and the Mark. Significant barriers to entry, including high construction costs, prohibitive land costs, a lack of available sites, and the recent credit crunch are key factors when considering construction of lodging facilities in Manhattan. It is also important to note that because of the protracted disruption in the capital markets, some of the hotel developments proposed for Manhattan may not come to fruition, thereby reducing the number in the current pipeline, which bodes well for the market’s existing lodging facilities.